Malaysia's consumer price inflation eased unexpectedly in December to the lowest level in nearly a year, data from the Department of Statistics showed on Wednesday.

The consumer price index, or CPI, climbed 1.7 percent year-on-year in December, following a 1.8 rise in November. Economists had expected inflation to remain stable at 1.8 percent.

Further, this was the weakest inflation rate since January, when prices had risen 1.5 percent.

Data showed that core inflation also moderated to 1.6 percent from 1.8 percent.

Housing and utility costs rose at a stable pace of 3.2 percent annually in December, and the growth in transport costs was steady at 0.4 percent. .

Costs for personal care, social protection, and miscellaneous goods and services rose at a slower rate of 3.2 percent versus 3.4 percent in November. Meanwhile, inflation based on food and beverages accelerated slightly to 2.7 percent from 2.6 percent.

On a monthly basis, consumer prices edged up 0.1 percent in December after falling 0.1 percent in the prior month.

The average annual inflation rate for the year 2024 was 1.8 percent, down from 3.3 percent in 2023.

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