Malaysia: Inflation loses further traction in December – UOB – by pabspiovano Malaysia CPI Inflation Banks
Senior Economist Julia Goh and Economist Loke Siew Ting at UOB Group comment on the latest inflation figures release in Malaysia.“Headline inflation eased to a six-month low of 3.8% y/y in Dec , in line with our estimate and Bloomberg consensus . This brought the full-year inflation rate to an average of 3.3% , coming in a tad lower than our estimate but matching official.
“Although Bank Negara Malaysia unexpectedly took a prudent pause on its interest rate hike … the central bank guided that they are not done with the interest rate hikes yet and future rate move remains data dependent. In our view, recent global developments and country-specific factors suggest rising challenges for BNM to hike further in the near term. Hence, we have dialed down our expectation to just one more 25bps hike to bring the Overnight Policy Rate back to pre-pandemic level of 3.
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