Hamzah regrets media 'spin' on his cost of living speech

PETALING JAYA: Umno supreme council member Datuk Seri Hamzah Zainudin has expressed regret that certain media has "spinned" his words on why the Government cannot control the prices of goods and services in Malaysia.

Hamzah had used an Islamic hadith (a narration of an event of the life of the Prophet) to explain the issue in his speech at the Umno general assembly.

Hamzah, who is also Domestic Trade, Cooperatives and Consumerism Minister, explained that the issue of price increases has occurred since the days of the Prophet.

"However, the Prophet said no to reducing the price. The Prophet wanted us to not interfere in the free market.

"The Prophet didn't specifically talk about the free market, but that's what the Prophet was trying to explain to his people. 

"When you talk about the free market, you must be fair to both sides," he said.

Hamzah said that Malaysia is following what the Prophet says and applying the basic principals of a free market economy.

He said that the Opposition has been trying to demean the Government by saying the cost of goods is high. 

He expressed regret that certain media and Opposition leaders have tried to spin his explanation to claim the Government does not do anything to address the cost of living but leaves it to "God's will".

"In fact, the prices of goods that we have at the moment is one of the lowest in Asean.

"It shows that we control the prices nicely. We are actually very fair as we look after both sides, the businesses and the consumers," he said.

He highlighted that the Government has been fair to the rakyat by controlling the prices of basic necessities like rice, sugar, flour, cooking oil and cooking gas.

"The Government has been fair by giving subsidies for these essential goods. We spend RM2bil every year to control these five essential goods. Is that fair?" said Hamzah.

But when it comes to fresh produce like vegetables and fish, Hamzah said that it is about demand and supply.

"If there are lots of supply, the price will go down. If there aren't enough supply,  the price will go up," he explained.

Hamzah said that Malaysians consume a lot of fish, but the country does not have enough supply to cater to the demand - for example during the monsoon season. Therefore, the price is high.

"When we have enough supply, the price will go down. I will work with the Ministry of Agriculture and Agro-based Industry to make sure there's enough supply, then I will control on my side to ensure there is no profiteering," he said.