Bursa Alert
Global Market
NewsUpdate Malaysia July inflation picks up more than expected to 3.3% y/y
Page 1 of 1
Update Malaysia July inflation picks up more than expected to 3.3% y/y
by Cals Wed 19 Aug 2015, 19:10
Update
Malaysia July inflation picks up more than expected to 3.3% y/y
KUALA LUMPUR (Aug 19): Malaysia's inflation rate accelerated more than expected in July to 3.3 percent from a year earlier as prices rose during Ramadan and the subsequent Eid al-Fitr celebrations.
A weaker ringgit, which has lost over 14 percent of its value against the dollar so far this year, also boosted prices of imports.
Economists polled by Reuters had expected the consumer price index (CPI) to rise 2.9 percent in July from 2.5 percent in June.
Higher tobacco prices accounted for most of the pick-up in July inflation, statistics department data showed on Wednesday.
Household expenditure also has climbed since the introduction of a 6 percent consumption tax in April, with price increases affecting consumers dining out, household goods such as furnishing as well as healthcare.
Domestic consumption grew at a slower pace in the second quarter this year, and economists expect consumers to continue tightening purse strings well into the third quarter as price increases show little sign of abating.
Energy prices may "rebound by the end of the year", said Jeff Ng, economist at Standard Chartered, which would deflect price "retracement after the Ramadan season".
Earlier this year, Malaysia's inflation declined when oil and gas prices fell before spiking from February's 5-year low of 0.1 percent after the consumption tax was implemented.
Malaysia July inflation picks up more than expected to 3.3% y/y
KUALA LUMPUR (Aug 19): Malaysia's inflation rate accelerated more than expected in July to 3.3 percent from a year earlier as prices rose during Ramadan and the subsequent Eid al-Fitr celebrations.
A weaker ringgit, which has lost over 14 percent of its value against the dollar so far this year, also boosted prices of imports.
Economists polled by Reuters had expected the consumer price index (CPI) to rise 2.9 percent in July from 2.5 percent in June.
Higher tobacco prices accounted for most of the pick-up in July inflation, statistics department data showed on Wednesday.
Household expenditure also has climbed since the introduction of a 6 percent consumption tax in April, with price increases affecting consumers dining out, household goods such as furnishing as well as healthcare.
Domestic consumption grew at a slower pace in the second quarter this year, and economists expect consumers to continue tightening purse strings well into the third quarter as price increases show little sign of abating.
Energy prices may "rebound by the end of the year", said Jeff Ng, economist at Standard Chartered, which would deflect price "retracement after the Ramadan season".
Earlier this year, Malaysia's inflation declined when oil and gas prices fell before spiking from February's 5-year low of 0.1 percent after the consumption tax was implemented.
Cals- Administrator
- Posts : 25277 Credits : 57721 Reputation : 1766
Join date : 2011-09-08
Location : global
Comments : “My plan of trading was sound enough and won oftener that it lost. If I had stuck to it Iâ€
d have been right perhaps as often as seven out of ten times.â€
Stock Exposure : Technical Analysis / Fundamental Analysis / Mental Analysis
Similar topics» Malaysia June inflation picks up on higher food prices
» Malaysia July annual inflation at 3.2 pct, slightly below forecast
» Update Malaysia Nov inflation at 2.9% yoy
» Update Malaysia’s April palm oil stocks, output higher than expected; exports lower than forecast
» ECB expected to cut inflation forecast, hint at more easing
» Malaysia July annual inflation at 3.2 pct, slightly below forecast
» Update Malaysia Nov inflation at 2.9% yoy
» Update Malaysia’s April palm oil stocks, output higher than expected; exports lower than forecast
» ECB expected to cut inflation forecast, hint at more easing
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum|
|
|