Malaysia producer prices accelerate 10.7pct, led by oil, mining surge
KUALA LUMPUR: Malaysia’s producer prices accelerated in August, driven by a sharp increase in mining costs as crude oil and natural gas prices strengthened.
In August, Malaysia's producer prices surged 10.7 percent year-on-year, spurred by a significant rise in mining costs and strengthened crude oil and natural gas prices, according to data released by the country's Statistics Department. Mining was the primary driver, with producer prices soaring 41.2 percent, up from 30.5 percent in July.
Crude petroleum extraction increased 49.8 percent, while natural gas extraction rose 14.7 percent. Manufacturing producer prices also climbed 8.8 percent year-on-year, driven by a 33.5 percent jump in coke and refined petroleum products and a 12.4 percent rise in computer, electronic, and optical products. Agriculture, forestry, and fishing prices grew 4.6 percent, slowing from 7.2 percent in July, while animal production increased 13.9 percent.
Water supply and electricity and gas supply prices rose 7.8 percent and 6.4 percent, respectively. On a month-to-month basis, the Producer Price Index (PPI) increased 1.0 percent in August, accelerating from 0.7 percent in July. Mining prices jumped 6.7 percent, compared with 1.1 percent in July, as natural gas extraction rose 8.9 percent and crude petroleum extraction increased 6.1 percent.
Manufacturing prices went up 0.4 percent month-on-month, moderating from 0.8 percent in July, while agriculture, forestry, and fishing prices rose 0.8 percent. The data highlights the continued impact of commodity-price pressure on Malaysia's production chain, with global crude oil prices averaging about US$90.90 a barrel in August, up from US$83.40 in July, and Malaysia's crude palm oil prices remaining high at RM4,548.50 a tonne.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
