Malaysia Producer Prices Surge on Oil, Mining Costs

Malaysia's producer prices surged in August, driven by a sharp increase in mining costs due to rising crude oil and natural gas prices. The Producer Price Index (PPI) for local production rose 10.7% from a year earlier, up from 9.7% in July.

The biggest driver of this increase was the mining sector, with producer prices surging 41.2% year-over-year, accelerating from 30.5% in July. Crude petroleum extraction jumped 49.8%, while natural gas extraction rose 14.7%. Manufacturing producer prices also strengthened, rising 8.8% year-over-year from 8.2% in July.

Agriculture, forestry, and fishing prices increased 4.6% year-over-year, slowing from 7.2% in July, while animal production rose 13.9%. Water supply and electricity and gas supply increased 7.8% and 6.4%, respectively.