MALAYSIA'S PPI RISES 0.5 PCT YEAR-ON-YEAR IN DECEMBER 2024 - DOSM

KUALA LUMPUR, Jan 28 (Bernama) -- Malaysia's Producer Price Index (PPI) rose marginally by 0.5 per cent year-on-year in December 2024, compared to a 0.4 per cent decline in the previous month, according to the Department of Statistics Malaysia (DOSM).

In a statement today, DOSM attributed the increase to mixed performances across key sectors, with notable growth in the agriculture, forestry, and fishing sectors.

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the agriculture, forestry, and fishing sector recorded a significant 23.8 per cent increase in December 2024, up from 21.8 per cent in November 2024 driven by the growth of perennial crops (41.9 per cent)

The mining sector contracted by seven per cent, a smaller decline compared to November’s 8.3 per cent, influenced by a 9.7 per cent drop in the crude petroleum index.

Meanwhile, he said the manufacturing sector saw a slight decline of one per cent (November 2024: -1.8 per cent), with sharp decreases in the manufacture of coke and refined petroleum products (-15.5 per cent) and computers, electronics, and optical products (-1.5 per cent).

The utilities sectors performed positively, with electricity and gas supply increasing by 0.9 per cent, and water supply continuing an upward trend with a 6.7 per cent rise.

On a monthly basis, he said the PPI continued to increase by 0.8 per cent in December 2024 as compared to 1.4 per cent in November 2024, with the agriculture, forestry, and fishing sector rising by 1.6 per cent (November 2024: 8.5 per cent), supported by the growing of perennial crops index (2.1 per cent).

The manufacturing sector also grew by 0.8 per cent (November: 0.3 per cent), driven by food products (3.2 per cent) and computers, electronics, and optical products (0.7 per cent), he noted.

Conversely, he said the mining sector recorded a marginal 0.2 per cent decline (November 2024: 5.7 per cent), dragged down by a 2.4 per cent decrease in the natural gas extraction index​​​​​​.

"In the utilities sector, the electricity and gas supply sector decreased slightly by 0.2 per cent, while the water supply sector eased marginally by 0.3 per cent," Mohd Uzir said.

For the fourth quarter (4Q) of 2024, he said the PPI declined by 0.8 per cent, a sharper drop compared to 3Q's 0.2 per cent decline, with the mining (-11 per cent) and manufacturing (-1.8 per cent) sectors driving this contraction.

However, the agriculture, forestry, and fishing sector recorded a significant 19.8 per cent increase, while water supply and electricity and gas supply rose by 6.7 per cent and 0.9 per cent, respectively.

For the full year 2024, Mohd Uzir said the PPI increased by 0.3 per cent rebounding from a 1.9 per cent decline in 2023, supported by a positive index of agriculture, forestry, and fishing of 7.9 per cent, as compared to a double-digit decline of 13.8 per cent in the previous year.

"The water supply and electricity and gas supply sectors also grew by 6.5 per cent and 0.6 per cent, respectively. However, the mining and manufacturing sectors recorded annual declines of two per cent and 0.3 per cent, respectively," he added.

-- BERNAMA