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The Statistics Department reports that Malaysia’s consumer price index (CPI) for April has dropped by 2.9% from the previous year – the biggest drop recorded since 2010.
Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin stated that the decrease was driven by the drop in prices of transport, housing, water, electricity and fuel.
The decrease in the overall index was driven by the decline of Transport (-21.5%) and Housing, Water, Electricity, Gas & Other Fuels (-2.2%) which contributed 14.6 per cent and 23.8 per cent of overall weight.Dato’ Sri Dr. Mohd Uzir Mahidin, Chief Statistician of Malaysia.
The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services. Changes in the CPI are used to assess price changes associated with the cost of living and frequently used to identify inflation or deflation.
Despite the lower overall CPI, food & drinks (non-alcoholic), health and education continue to rise by 1.2% (year on year). Meanwhile, prices of goods and services recorded a 2.3% increase while communication has increased by 1.6%.
To put these changes into perspective, the Statistics Department also released posters showing exactly how much prices have changed since March 2020.
Last month, UOB Treasury Research stated that Malaysia CPI decline of 0.2% year on year in March marks the start of a deflation trend for 2020.
This is Malaysia’s first annual deflation since 1969 as unemployment is expected to rise following the effects of the Covid-19 pandemic and restricted economic activities.
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