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Malaysia’s producer price index up 1.9% in April 2024 — DOSM

Publish date: Tue, 28 May 2024, 03:44 PM

KUALA LUMPUR (May 28): Malaysia’s producer price index (PPI), which measures the price changes of goods at the producer level, increased by 1.9% year-on-year (y-o-y) in April 2024, said the Department of Statistics Malaysia (DOSM). 

In March 2024, the PPI was up 1.6% y-o-y, it added.

In its latest monthly report on the PPI Local Production for April 2024, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said all sectors registered an increase during the month, contributing to the increase of the overall index.

He said that the mining sector continued to surge by 10.0%, contributed by increases in the extraction of crude petroleum (12.3%) and the extraction of natural gas (3.5%) indices.

The agriculture, forestry and fishing sectors also rose by 5.4%, with the index of growing of perennial crops and animal production going up by 9.2% and 2.9%, respectively.

“Additionally, the manufacturing sector recorded a marginal increase of 0.8% due to the manufacture of computer, electronics and optical products index (8.9% ).

“For the utility sector, the electricity and gas supply index went up by 1.0%, while the water supply index recorded an increase of 7.2%,” he said.

Mohd Uzir said on a monthly basis, the PPI Local Production went up by 0.5%, as compared with 1.6% in March 2024.

The mining sector grew by 2.1%, contributed by the extraction of crude petroleum and the extraction of natural gas indices; while the agriculture, forestry and fishing sectors also increased at a slower pace of 0.7%, from 4.3% recorded in the previous month.

The manufacturing sector went up marginally by 0.3% due to the manufacture of computers, electronics and optical products, and the manufacture of food products, while the electricity and gas supply and water supply indices rose by 0.3% and 1.1%, respectively.

Mohd Uzir said the crude palm oil (CPO) futures contract on Bursa Malaysia hovered above RM4,000 per tonne following a surge in crude oil prices, amid rising prices of rival oils.

The fresh fruit bunch price also continued to increase since early 2024, leading to positive growth in the agriculture, forestry and fishing sectors, he said.

“The price index for crude oil was at its highest point worldwide. Prices of several commodities, particularly energy sources, started to rise at the end of February 2022, due to Russia’s invasion of Ukraine,” he said.

Mohd Uzir noted that geopolitical tensions in the Middle East have been pushing up prices of key commodities, such as oil and gold.

According to the Commodity Markets Outlook in April 2024, commodity prices are projected to moderate slightly in 2024 and 2025, and are expected to remain above pre-pandemic levels.

The main risk to commodity price forecasts relates to the possibility of escalating conflict in the Middle East, which could result in significantly higher oil prices and [the] reignition [of] global inflation pressures, he added.

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