THE Domestic Trade and Cost of Living Ministry and the Economy Ministry are refining several quick wins to tackle the cost of living issue. 

Domestic Trade and Cost of Living Minister Salahuddin Ayub and Economy Minister Rafizi Ramli said in a joint statement today that it will include a cross-ministry action plan. 

Both ministries will form a joint secretariat that will act as an official platform to discuss the roles of various agencies in tackling the cost of living issue, they said.

“Several procedures to implement policies are being updated and are expected to be in place at the end of January next year,” the statement read.

They said the government remains committed to help Malaysians tackle the issue, but that there is a need to ensure the steps taken will not affect the business and industrial ecosystem that are still recovering from the Covid-19 pandemic. 

Efforts to control inflation and the rising cost of living requires the cooperation of all parties concerned in the value chain, including the government, manufacturers, businesses and consumers, as this issue not only relates to low prices, but also fair value for manufacturers, businesses and consumers, the ministers said. 

“The government hopes such efforts will aid in cost management, ensure savings for consumers, and reduce the cost of living for Malaysians,” they said. 

They advised the public to become smart consumers with four steps, including planning expenses and adjusting inclinations, especially towards alternative products to items that have increased in price, making price comparisons using the Price Catcher app, and buying only what they needed without succumbing to panic buying. 

The government has already taken several long- and short-term measures to tackle the cost of living issue, including maintaining the electric tariff for domestic, commercial and industrial consumers, as well as price controls and subsidies for standard chicken and grades A, B and C eggs for a certain period. 

The government has also decided to import eggs until supply by local producers is replenished, while Padiberas Nasional Bhd will channel RM60 million in aid to farmers – RM10 million in 2022 and RM50 million in 2023. 

Putrajaya is also refining the two-stage pricing mechanism for raw palm oil to ensure bottled cooking oil in domestic markets is sold at a lower price to both reduce the pressure on demand and shrink the use of subsidised 1kg cooking oil polybags. – Bernama, December 27, 2022.