In Malaysia, core inflation remained high above 3.5% year-on-year, surpassing the pre-pandemic average of 1.7%. Services inflation also stayed elevated at 3.5% year-on-year, higher than the pre-pandemic average of 2.6%.
Headline Inflation
The average headline inflation for the first five months of 2023 was 3.4%, with core inflation at 3.8%. As a result of sustained domestic demand and persistent core inflation, the central bank (BNM) may consider a 25 basis points increase in the Overnight Policy Rate (OPR) in the second half of the year, MIDF says.
New OPR HIKE?
Despite global food inflation decreasing by over 20% year-on-year, Malaysia’s food inflation stood at 5.9%, contributing to an expected headline inflation rate of around 3.0% for the year, higher than the initial forecast of 2.5%.
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