-
Inflation in Malaysia slowed to 2.0% in July. Annual consumer inflation is expected to remain unchanged in August.
-
Due to economic growth and decreasing inflation, the central bank of Malaysia kept its benchmark interest rate unchanged at the last meeting.
-
Under current economic conditions, USDMYR will decline towards 4.520 and possibly lower.
KUALA LUMPUR, MALAYSIA – Media OutReach – September 20, 2023 – The Department of Statistics Malaysia (DOSM) will release monthly inflation data on September 22. OctaFX experts suggest that annual consumer inflation in August will likely remain at 2.0%.
According to official data released last month, Malaysia’s annual inflation rate slowed to 2.0% in July from 2.4% in June. Lower inflation rates were recorded in the food and non-alcoholic beverages sectors (4.4% in July compared to 4.7% in June) and restaurants and hotels (5.0% in July compared to 5.4% in June). Overall, Malaysia’s inflation rate of 2.0% was lower than neighboring regions, with July inflation in Indonesia, the Philippines and Singapore standing at 3.1% respectively. , 4.7% and 4.1%.
The Central Bank of Malaysia is pleased with the reduction in inflation and kept its benchmark interest rate unchanged at the last monetary policy meeting as economic growth and inflation continued to slow.
“We see continued growth in the Malaysian economy,” » said Kar Yong Ang. “With low consumer inflation and a signal from the Malaysian central bank that the ringgit continues to demonstrate strength, we tend to assume that USDMYR will decline towards 4.520 and perhaps lower.” he added.
The issuer is solely responsible for the content of this announcement.
