Inflation Malaysia 2023
Average inflation: 2.5%
Current Inflation
Inflation is normal at 2.5%, around the ECB target.
Peak and Trough
The highest inflation was in January at 3.7%. The lowest inflation was in November at 1.5%.
- Highest month
- January: 3.7%
- Lowest month
- November: 1.5%
- Difference
- 2.2 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 4.9%. The lowest price increase was in Energy with an average of 1.7%.
- Highest increase
- Food: 4.9%
- Lowest increase
- Energy: 1.7%
Historical Context
Current inflation is 0.9% higher than the 5-year average of 1.6%.
- 5-year average
- 1.6%
- 10-year average
- 2%
- All-time high (2008)
- 5.4%
- All-time low (2020)
- -1.1%
Trend
Inflation has remained relatively stable. Compared to 2022, the difference is minimal (-0.9 percentage point).
- Change vs. previous year
- -0.9 percentage points
- Largest monthly swing
- August: -2.7 percentage points
ECB Target
Inflation is 0.5% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this inflation rate, purchasing power noticeably decreases. Without a salary increase, you can buy less with the same money.
What you could buy for €100 this year will cost approximately €102.50 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 3.7% | +1.4 |
| February | 3.7% | +1.5 |
| March | 3.4% | +1.2 |
| April | 3.3% | +1.0 |
| May | 2.8% | 0.0 |
| June | 2.4% | -1.0 |
| July | 2.0% | -2.4 |
| August | 2.0% | -2.7 |
| September | 1.9% | -2.6 |
| October | 1.8% | -2.2 |
| November | 1.5% | -2.5 |
| December | 1.5% | -2.3 |
| Average | 2.5% |
Data source
Data from WorldBank. Last updated: 06/01/2026.