October CPI up 2.9% year-on-year over rise in fuel price
KUALA LUMPUR: Malaysia saw its Consumer Price Index (CPI) increase 2.9% year-on-year (y-o-y) to 123.7 in October 2021 against 120.2 in the same month of the preceding year. The statistics department attributed the higher CPI, which is a measure of inflation, to rising fuel prices and the discontinuation of electricity…
KUALA LUMPUR: Malaysia saw its Consumer Price Index (CPI) increase 2.9% year-on-year (y-o-y) to 123.7 in October 2021 against 120.2 in the same month of the preceding year.
The statistics department attributed the higher CPI, which is a measure of inflation, to rising fuel prices and the discontinuation of electricity discount in September 2021.
Chief statistician Mohd Uzir Mahidin said the growth was mainly due to an 11.3% rise in the transport group.
“In tandem with the rise in global oil prices, the average price of RON97 also increased to RM2.84 compared with RM1.97 in October 2020,” he said in a statement today.
Uzir said simultaneously, the index for housing, water, electricity, gas and other fuels rose 3.2%, with the highest increase recorded by the electricity, gas, and other fuels subgroup (27.6%).
In addition, he said the furnishings, household equipment, and routine household maintenance (2.1%), as well as food and non-alcoholic beverages (1.9%) indices also contributed to the increase of overall inflation.
He said other groups, namely restaurants and hotels, alcoholic beverages and tobacco, recreation services and culture, as well as health recorded marginal increases between 0.2% and 0.6%.
“Communications remained unchanged, while clothing and footwear, as well as miscellaneous goods and services, declined 0.4% and 0.2%, respectively.
“Education also posted a marginal decline of 0.1% compared with a year ago,” he added.
Uzir noted that all states recorded an increase in the CPI for October 2021, with nine states surpassing the national CPI rate of 2.9%, namely Terengganu (3.9%), Pahang (3.7%), Kelantan (3.6%), Perak (3.4%), Negeri Sembilan (3.2%), Kedah and Perlis (3.2% each), as well as Selangor, Putrajaya, Johor and Melaka which went up 3.1%, respectively.
On a monthly basis, Uzir said the CPI for October 2021 edged up 0.7% compared with 0.2% in September 2021 due to the discontinuation of the three-month monthly electricity bill discount under the National People’s Well-Being and Economic Recovery Package (PEMULIH), which ended on Sept 30, 2021.
He said the monthly CPI rise was also attributable to the increase in housing, water, electricity, gas and other fuels (2.5%), as well as furnishings, household equipment and routine household maintenance (0.4%).
Both miscellaneous goods and services, as well as restaurants and hotels, recorded a marginal increase of 0.3% respectively, he added.
For the first 10 months of 2021, he said the CPI increased 2.3% y-o-y, while core index also ticked up 0.7% in October 2021 compared with the same month of the previous year.
Moving forward, the chief statistician expected inflation for the coming months would be influenced by external factors such as the rise in global crude oil and food prices.
In addition, he said the opening of interstate travel is expected to affect prices of some tourism-related groups. — Free Malaysia Today