DOSM RELEASES 2023 COST OF LIVING INDICATOR REPORT DURING DIAMOND JUBILEE CELEBRATION

KUALA LUMPUR, Nov 2 (Bernama) -- The Department of Statistics Malaysia (DOSM) today released the 2023 Cost of Living Indicator (KSH) report during its 75th Diamond Jubilee celebration.

The report includes 15 publications, covering Malaysia as a whole and provides separate data for each state and federal territory. 

The KSH indicators featured in this publication are the Basic Expenditure of Decent Living (PAKW) and the Cost of Living Index (IKSH).

The PAKW data is analysed according to demographic details, such as household characteristics, household size, and location.

Chief Statistician Datuk Seri Dr. Mohd Uzir Mahidin explained that PAKW refers to the monthly expenses required by households or individuals to meet three core aspects of a reasonable standard of living, namely needs, wants, and social participation.

“The development of PAKW began in 2018, considering household spending patterns based on the Household Income and Expenditure Survey.

“The PAKW value is determined by two main factors: location and demographic characteristics such as age, gender, and household size.

“Thus, the PAKW value for each household varies depending on these demographic factors and place of residence,” he said in a statement today.

Mohd Uzir explained that the PAKW approach also considers the cost of dining out and uses a minimum-diversified concept for food expenses, including basic dietary needs that ensure balanced nutrition, in line with the Recommended Nutrient Intake standards set by the Ministry of Health Malaysia.

He announced that DOSM has developed the MyPAKW calculator, to estimate total basic expenditure for a decent standard of living based on factors such as demographics, location, gender, age, and household size.

“Each individual and household has different spending patterns. The MyPAKW calculator allows people to determine a reference value for basic living expenses in their respective area and location,” he said.

MyPAKW is available for download on the Play Store and App Store and can also be accessed via https://mypakw.dosm.gov.my.

Mohd Uzir noted that other countries also assess the cost of a reasonable standard of living using various terms such as the IKSH, Household Living-cost Price Indexes, and Decent Living Standards. 

-- BERNAMA