Malaysia: Inflation drops to multi-month lows in June – UOB – by pabspiovano Malaysia Inflation CPI Banks
UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting review the June’s inflation figures in Malaysia.Headline inflation sustained its downward trend for the 10th straight month and hit a 14-month low at 2.4% y/y in Jun . The reading matched our estimate and Bloomberg consensus. The deceleration was contributed by almost all consumer price index components, except for the healthcare segment.
Recognising the latest inflation outturns, downside risks to domestic growth momentum and near peak of the global monetary tightening cycle, we continue to see a lack of strong reason for Bank Negara Malaysia to raise its policy rate further this year. Real interest rates have turned positive for the second straight month. Both core inflation and services inflation decelerated to the lowest level in a year.
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