Malaysia PPI Dips 1.9% In March As Mining Index Drags

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The Producer Price Index (PPI) for local production dipped 1.9% year-on-year in March 2020 to 102.7, from 104.7 previously, dragged mainly by the mining index.

In a statement, Chief Statistician Malaysia Datuk Seri Dr Mohd Uzir Mahidin said out of 1,063 items covered in the PPI, 41.3% of the items recorded price increase in March 2020 as compared to March 2019.

“On the contrary, 49.6% items showed a decline while 9.1% items were unchanged,” he said.

Mohd Uzir said the mining index registered the highest rate of decline at 35.8%, followed by electricity and gas supply (-0.3%), and water supply (-0.3%).

In contrast, the index of agriculture, forestry and fishing increased by 13.4% while manufacturing rose by 0.6%.

On a monthly basis, the PPI for local production fell 3% in March 2020.

The drop was led by the decrease in the index of mining (-31.9%), agriculture, forestry and fishing (-2.1%), and manufacturing (-0.2%).

However, the index of water supply rose 0.7% while electricity and gas supply gained 0.2%.

Nevertheless, the PPI for local production for the first quarter of 2020 increased 0.6% to 105.3 as compared to 104.7 in the same quarter of the previous year.

The increase was contributed by agriculture, forestry and fishing (13.5%), manufacturing (0.8%), and electricity and gas supply (0.8%).

Meanwhile, the index of mining recorded a decrease of 11%, while water supply dipped 0.7%.

On a quarterly basis, the PPI for local production fell 0.9% as compared to the fourth quarter of 2019.

Source THEEDGEMARKETS

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