Malaysia’s inflation on the rise

Malaysia’s inflation rate in August increased to 4.7% year-on-year, mainly due to food and non-alcoholic beverages, according to the Malaysian Department of Statistics Malaysia (DOSM).

Illustrative image (Source: AFP/VNA)

Kuala Lumpur (VNA) – Malaysia’s inflation rate in August increased to 4.7% year-on-year, mainly due to food and non-alcoholic beverages, according to the Department of Statistics Malaysia (DOSM).

The figure, measured by the consumer price index (CPI), also moved up from 4.4% in July, 3,4% in June, 2,8% in May, and 2,3% in April.

Food and non-alcoholic beverages increased by 7.2% in that period, the department said.

The inflation rate in Malaysia is one of the lowest in the world. The August inflation rate in the eurozone was 9.1%, the US’ was 8.3%, Thailand’s was 7.9%, the Philippines’ was 6.3%, and the Republic of Korea’s was 5.7%, said economic affairs minister Mustapa Mohamed.

The lower inflation rate in Malaysia is due to efforts from the Malaysia government, which has provided the largest-ever subsidy (package) recorded in the history of the country, he explained.

On a month-on-month basis, the inflation rate in August was up 0.2% compared with 0.4% in July./.

VNA