Consumer price inflation in Malaysia saw an unexpected decline in December, reaching its lowest point in almost a year, according to data released by the Department of Statistics on Wednesday.
In December, the Consumer Price Index (CPI) increased by 1.7% compared to the same month last year, slightly lower than the 1.8% rise observed in November. Economists had anticipated that the inflation rate would remain steady at 1.8%.
This marks the lowest inflation rate since January, when the increase in prices was measured at 1.5%.
The data also revealed that core inflation eased to 1.6% from the previous 1.8%.
The costs associated with housing and utilities continued to grow at a steady annual rate of 3.2% in December, while the increase in transportation costs remained constant at 0.4%.
Expenditure on personal care, social protection, and various goods and services rose at a slower rate of 3.2% compared to 3.4% in November. Meanwhile, inflation in food and beverages experienced a slight uptick, rising to 2.7% from 2.6%.
On a month-to-month basis, consumer prices inched up by 0.1% in December, following a 0.1% decrease in the previous month.
For the entire year, the average annual inflation rate in 2024 was recorded at 1.8%, down from 3.3% in 2023.
