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Malaysia's April Inflation Picks Up to 1.9% as Consumer Prices Accelerate
Malaysia's inflation accelerated to 1.9% in April, according to data released Tuesday by the Department of Statistics Malaysia.Higher communications, tobacco, and food costs drove the slight increase in inflation, while softer price growth in personal care and housing-related categories helped ease broader cost pressures.Restaurant and accommodation services, as well as healthcare costs, remained broadly stable from the previous month.The data follows Bank Negara Malaysia's decision earlier this month to keep its benchmark overnight policy rate unchanged at 2.75% for a fifth consecutive meeting, even as policymakers flagged rising risks to growth from the prolonged conflict in the Middle East.The decision matched expectations from all 28 economists polled by Reuters."Uncertainties surrounding the duration and severity of the Middle East conflict will affect the outlook of domestic growth and inflation," the central bank said in a statement."Nevertheless, Malaysia's strong fundamentals will continue to underpin the economy's resilience," it added.On a monthly basis, headline inflation rose 0.4% in April, compared with 0.3% in March, driven mainly by transport and information and communication costs.Regionally, eight Malaysian states recorded inflation above the national level, led by Pahang at 2.8%, followed by Labuan at 2.7% and Negeri Sembilan and Kuala Lumpur at 2.5%.Among regional peers, Malaysia's April inflation rate remained below the Philippines, Vietnam, Thailand, South Korea, and Indonesia, but above China's inflation rate, the data showed.
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