According to Prime Minister Ismail Sabri Yaakob, the rise in living costs happens not only in Malaysia but worldwide, and our country’s inflation rate is considered low compared to other countries.
At the opening of the Malaysian Trades Union Congress (MTUC)’s 42nd triennial delegates’ conference on 2 July, Ismail Sabri said that the government is implementing all short-term, medium-term and long-term measures to combat the issue of rising living costs.
The measures include providing RM70 billion in subsidies this year to ensure that the people are not burdened by the situation, as reported by BERNAMA.
The Prime Minister said that the rise in living costs happens not only in Malaysia but worldwide, as all countries are interconnected. “I would like to explain that the rising cost of living is not only happening in Malaysia but all over the world. Malaysia is not on a different planet. We are connected to what is happening in other countries,” he said.
He further elaborated that importing supplies has caused an increase in the price of goods. “For example, chicken is the most sensitive issue. We had to import chicken feed supplies because we are not producers of corn and soy. This has resulted in the increase in the prices of goods,” he stated.
According to Ismail Sabri, Malaysia’s inflation rate (two per cent) is considered low when compared to other countries such as the United States (nine per cent), the United Kingdom (12 per cent) and European countries (eight to ten per cent).
“Our inflation rate is low because we are giving out subsidies. Without subsidies, our inflation rate may go up to eight to eleven per cent,” he said, adding that the government continues to provide subsidies to ensure the people are not burdened, even though some products do not need subsidies.
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