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Higher Food Prices Drive June Inflation Up

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KUALA LUMPUR: Higher food prices such as vegetables, fish and fruits pushed June inflation rate up 1.6% from a year ago but this was slightly lower than the 1.8% forecast by economists.

The Statistics Department said on Wednesday June inflation rose to 114.8 from 113.0 a year ago following a 4.2% increase in food and non-alcoholic beverages which accounts for nearly one-third of the the Consumer Price Index composition.

“Among the major groups which recorded increases were the index for alcoholic beverages & tobacco by 21.9%; food & non-alcoholic beverages (+4.2%); housing, water, electricity, gas & other fuels (+2.4%),” it said.

However, the increase was slightly offset by the overall index is also influenced by the decrease in prices of transport group, down 8.5%; communication (-2.2%) and clothing & footwear (-0.6%).

The department said the index for food & non-alcoholic beverages, which has a weight of 30.2 in the CPI composition, saw increases in three food sub-groups.

Vegetables recorded a 12.5% increase, fish & seafood (+7.8%) and fruits (+5.6 per cent).

The index for non-food (weight: 69.8) rose 0.4%.

On a monthly basis, CPI for June 2016 increased 0.2% to 114.8 from 114.6. The CPI for January to June 2016 rose 2.7% from the previous corresponding period.

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