KUALA LUMPUR- Malaysia’s consumer price index (CPI) rose 1.1 percent in October from a year earlier, the same pace as the previous month, government data showed on Wednesday.
The annual inflation rate was slightly higher than the 1.0 percent increase forecast by economists in a Reuters poll.
Malaysia’s CPI grew 1.1 percent in September, slowing from the 1.5 percent rate a month earlier.
Inflation in October grew in all but two sectors, driven by spending on alcoholic beverages and tobacco, miscellaneous goods and services, education and food and non-alcoholic beverages, data from the Statistics Department showed.
Costs were down in the clothing and footwear and transport sectors, the data showed.
Inflation has remained mild after the government scrapped an unpopular consumption tax in June 2018. Bank Negara Malaysia (BNM) said on Friday that it expected headline inflation to be “low” in 2019, and modest though higher in 2020.
BNM cut its key interest rate in May for the first time since 2016 on concerns of slowing growth tied to weak global demand and the U.S.-China trade war. – Reuters