Malaysia’s consumer price inflation eased at a faster-than-expected pace in June to the lowest level in more than three years, following the withdrawal of the GST, figures from the Department of Statistics showed Wednesday.
Consumer prices rose 0.8 percent year-over-year in June, slower than the 1.8 percent increase in May. Economists had expected the inflation to moderate to 1.3 percent.
For the first time within 40 months, the consumer price index recorded a value below 1.0 percent in June.
The abolishment of the GST by the government and discounts and price control measures during the Aidilfitri celebrations had a remarkable impact on goods prices, the agency said.
On a monthly basis, consumer prices dropped 1.2 percent in June.