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Higher food prices such as vegetables, fish and fruits pushed June inflation rate up

Higher food prices drive June inflation up

Wednesday, 20 July 2016

Higher food prices such as vegetables, fish and fruits pushed June inflation rate up
Higher food prices such as vegetables, fish and fruits pushed June inflation rate up

KUALA LUMPUR: Higher food prices such as vegetables, fish and fruits pushed June inflation rate up 1.6% from a year ago but this was slightly lower than the 1.8% forecast by economists.

The Statistics Department said on Wednesday June inflation rose to 114.8 from 113.0 a year ago following a 4.2% increase in food and non-alcoholic beverages which accounts for nearly one-third of the the Consumer Price Index composition.

“Among the major groups which recorded increases were the index for alcoholic beverages & tobacco by 21.9%; food & non-alcoholic beverages (+4.2%); housing, water, electricity, gas & other fuels (+2.4%),” it said.

However, the increase was slightly offset by the overall index is also influenced by the decrease in prices of transport group, down 8.5%; communication (-2.2%) and clothing & footwear (-0.6%). 

The department said the index for food & non-alcoholic beverages, which has a weight of 30.2 in the CPI composition, saw increases in three food sub-groups. 

Vegetables recorded a 12.5% increase, fish & seafood (+7.8%) and fruits (+5.6 per cent). 

The index for non-food (weight: 69.8) rose 0.4%.
 
On a monthly basis, CPI for June 2016 increased 0.2% to 114.8 from 114.6.  The CPI for January to June 2016 rose 2.7% from the previous corresponding period.

Source by: The Star Online

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