The cost of essentials have risen especially since the pandemic. This increase is making it harder for Malaysians to budget and buy what they need every day, putting more pressure on their finances.
In a press conference, Prime Minister Anwar Ibrahim has taken the initiative to reassure Malaysians that prices of essentials like chicken, eggs, and cooking oil are expected to remain low and stable compared to the prices under the previous government.
“The price of chicken has decreased compared to 2 years ago”
Anwar continued to explain how the price of cooking oil for 5kgs used to range from RM45 to RM50, now it’s around RM27. Chicken eggs, previously in short supply, are now stable, and they’ve implemented subsidy adjustments.
“The price of chicken has decreased compared to 2 years ago without any price ceiling assistance,” he added.
However, the rice issue is still facing a few problems, especially regarding local rice. The government’s firmness and the Kementerian Pertanian dan Keterjaminan Makanan (KPKM) have led to a drop in the price of imported rice by between RM2 and RM3.
The RM10 billion allocation for STR will go directly to the people
Anwar continued to explain how this year, the allocation of RM10 billion for Sumbangan Tunai Rahmah (STR), goes directly to the people. This means that the maximum rate for 2023 was RM3,100 for a family, but now it’s increased to RM3,700.
He also mentioned that the same applies to the Sumbangan Asas Rahmah (SARA), which was distributed last January, with a fivefold increase.
“In 2023, there was an allocation of RM130 million, and in 2024, it increased to RM700 million. Initially, only the extremely poor received assistance in 2023, but in 2024, we expanded it to include both the extremely poor and the poor, benefiting 700,000 people.”
Increased confidence among the public, domestic investors, and foreign investors
Anwar also stated that the early reform measures implemented by the government have successfully increased investments and gained recognition from foreign countries.
He explained that these measures include the enactment of the Akta Kewangan Awam dan Tanggungjawab Fiskal (FRA) 2023, which has made the government more disciplined in economic and fiscal management.
“This Act means the Finance Minister makes the decision to hand over some of his duties to be directly monitored by Parliament, and it will help increase confidence among the public, domestic investors, and foreign investors.”
You can watch the full press conference here.
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