Malaysia's Jan CPI dips 0.2 pct year-over-year, slower than forecast

KUALA LUMPUR: Malaysia's consumer prices in January dipped 0.2% from a year earlier, government data showed on Wednesday, largely due to lower retail fuel prices.

The fall in January's consumer price index (CPI) was slower than the 0.8% decline forecast by 10 economists surveyed in a Reuters poll. In December, the index dropped 1.4%.

January's decline was driven by a 5.1% slump in the transport sector, though some growth was registered in the food and non-alcoholic beverages and miscellaneous goods and services sectors, the statistics department said.

Earlier in the month, the Malaysian government set a ceiling for pump prices amid expectations crude oil prices will trend higher this year on rising global demand.