Malaysia’s producer index rise 1.9% YoY in April

Malaysia’s producer prices continued to climb in April, with the Producer Price Index (PPI) recording a 1.9 per cent year-on-year (YoY) increase, Malay Mail reported on Tuesday, citing data from the Department of Statistics Malaysia (DoSM).

This marks a slight acceleration compared to the 1.6 per cent y-o-y growth observed in March 2024.

The report, compiled by chief statistician Datuk Seri Mohd Uzir Mahidin, details that all sectors within the index contributed to the overall rise.

The mining sector emerged as the strongest performer, surging by 10.0 per cent YoY. This growth was primarily driven by a 12.3 per cent increase in the crude petroleum extraction index and a 3.5 per cent rise in the natural gas extraction index.

The agriculture, forestry, and fishing sectors also experienced growth, rising 5.4 per cent YoY. This gain was fuelled by a 9.2 per cent increase in the index for growing perennial crops and a 2.9 per cent uptick in animal production.

The manufacturing sector displayed a more modest rise of 0.8 per cent YoY. However, the manufacture of computer, electronics, and optical products index within this sector experienced a significant jump of 8.9 per cent.

The utilities sector also saw price adjustments. The electricity and gas supply index rose by 1.0 per cent YoY, while the water supply index recorded a sharper increase of 7.2 per cent YoY.

On a month-to-month basis, the PPI for local production increased by 0.5 per cent compared to 1.6 per cent in March 2024. Although growth moderated slightly, the trend of rising producer prices remained consistent.