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Saturday, May 23, 2009

Further Easing In Inflation Rate

The Consumer Price Index (CPI, 2005=100) slowed for the eighth
consecutive month in Apr ’09 to 3% YoY (Maybank IB estimate:
3.3% YoY; Consensus estimate: 3.2% YoY), compared with 3.5% YoY
in Mar 09 and the peak of 8.5% YoY in Jul-Aug ’08. MoM, the inflation
rate fell by 0.2%, the seventh sequential drop in the past eight months.
Year-to-date inflation rate is 3.5%.
Slowing mainly on Food and Non Alcoholic Beverages (FNAB)
“disinflation” and Transport “deflation”. FNAB prices eased for the
seventh straight month while Transport costs fell for the fifth month in a
row. There were no major movements or changes in the price trends of
other goods and services. Consequently, our measure of CPI ex-FNAB
and Transport was little changed at 2% YoY last month (Mar 09: +2.1%
YoY).

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