The Department of Statistics Malaysia reported that Malaysia's Producer Price Index (PPI) decreased by 0.4% in November 2024, a slower decline compared to the 2.4% drop in October 2024. The decline was attributed to a continued downturn in the Mining sector, which fell by 8.3%, led by the Extraction of Crude Petroleum index (-14.8%). Meanwhile, the Agriculture, Forestry & Fishing sector surged by 21.8%, bolstered by the Growing of Perennial Crops index, which rose by 37.7%.
Chief Statistician Malaysia, Datuk Seri Dr Mohd Uzir Mahidin, noted a rebound in the Mining sector, which increased by 5.7% month-on-month, supported by gains in the Extraction of Natural Gas index (14.2%) and the Extraction of Crude Petroleum index (2.7%). On a monthly basis, the PPI rose by 1.4% in November, driven by an 8.5% increase in the Agriculture, Forestry & Fishing sector.
On the international front, Malaysia's PPI performance contrasts with trends in selected countries. The United States PPI rose by 3.0%, Japan's by 3.7%, and the United Kingdom recorded a milder decline of 0.6%, while China experienced its 26th consecutive month of deflation with a 2.5% drop.
In commodity markets, Malaysian crude palm oil prices hovered around RM5,000 per tonne, supported by export uncertainties and production declines. Brent crude oil prices ranged between US$71 and US$75 per barrel, influenced by global supply and demand dynamics.
