Food prices lead inflation higher to 4.7% in August

Food prices lead inflation higher to 4.7% in August

KUALA LUMPUR: Malaysia’s inflation price in August 2022 increased to 4. 7% from a 12 months earlier, in line with Reuters’ forecast of 4. 7%.

Within July 2002, inflation stood at 4. 4%.

The Statistics Department said the increase had been contributed by as well as non-alcoholic beverages which increased by seven. 2%.

“This increase was powered by the food abroad with 8. 4%, while food in your own home increased by six. 4%.

“However, there are still some foods that recorded a decrease in price as compared to July 2022 for example chicken (-3. 8%), barramundi fish (-2. 4%) and vegetables such as cucumber (-4. 6%), french coffee beans (-3. 6%) plus round cabbage (-2. 6%), ” the particular department said in the statement.

The particular Statistics Department mentioned that the inflation price in August 2022 was lower than the particular Eurozone (9. 1%), the United States (8. 3%), Thailand (7. 9%), Philippines (6. 3%) and South Korea (5. 7%).

The inflation for that period of January to August 2022 improved 3. 1% as compared to the same period of the prior year.

It had been driven by the solid demand, commodity costs that remain higher and disruptions within global supply chains.

Among the team that recorded raises were food & non-alcoholic beverages (5. 1%), transport (4. 5%) and dining places & hotels (4. 0%).

The particular increase in the food & non-alcoholic beverages group for the period of January-August 2022 was generally contributed by the embrace the subgroup associated with meat (9. 2%), followed by milk, cheese & eggs (7. 3%).

“Transport group recorded a rise of 4. 5% mainly due to the increase in the average price of Brent crude oil by 58. 4% in the very first eight months of this year, ” this said.

Restaurants and hotels organizations also recorded a rise of 4. 0% for the period of January–August 2022 as compared to 0. 2% in the exact same period of the previous year.

Month-on-month, the increase in Aug 2022 moderated to 0. 2% when compared with 0. 4% in July 2022, primarily contributed by the great & non-alcoholic beverages and transport group which increase at a slower rate compared to previous month.