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Is CPI Inflation About to Decelerate?

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Bank Negara Malaysia left its Overnight Policy Rate unchanged at 1.75%, considering its monetary policy stance "appropriate and accommodative," the central bank said in a statement Thursday. BNM's decision was widely expected, as some promising signs in economic data rule out any further cuts for now.

The bank sees the recent re-imposition of containment measures to fight the third wave of Covid-19 having only a short-term and limited impact on the economy, and the growth trajectory is projected to improve due to stronger external demand and increased spending, though also subjected to the roll-out of vaccines.

Headline inflation may moderate after peaking in Q2 as the effect of a lower comparison base dissipates, while core inflation is expected to remain subdued.