Lowest Inflation Rate in Malaysia Recorded in October

Lowest Inflation Rate of 1.8% Recorded by Malaysia in October 2023

Malaysia recorded its lowest inflation in October this year. At a rate of 1.8%, this was the lowest since April 2021 and it was driven by moderate price hikes in the non-alcoholic beverage and food sector.

Malaysia’s lowest inflation rate beat Indonesia (2.6%), the Eurozone (2.9%), Vietnam (3.6%), the Republic of Korea (3.8%), and the Philippines (4.9%).

 

Contributing Categories to the Low Inflation Rate

The non-alcoholic beverage and food sector were not the only ones that helped bring down Malaysia’s inflation rate. Other sectors had a role in these numbers too. These sectors were footwear (0.0%), alcoholic beverages and tobacco (0.6%), other fuels, housing, gas, electricity, and water (1.6%).

 

A Promising Time to Start A Business

Now is as good a time as any to make something happen if you have been thinking about starting a business in Malaysia. The low inflation rate is indicative of a favourable economic environment. With growing consumer confidence, this is the market to invest in.

For more information about our Company Incorporation Services in Malaysia, contact the 3E Accounting team today.