‘Reform agenda needed to tackle cost of living’

Economy meal: Mixed rice stalls are a good place to save money, but not all are that cheap anymore. — RAJA FAISAL HISHAN/The Star

KUALA LUMPUR: Price controls and subsidies are short-term measures and must be reformed, while the long-term solution is to make the cost of living more affordable by raising incomes, says Prof Dr Geoffrey Williams of the Malaysia University of Science and Technology.

“Subsidies cost the country a whopping RM80bil this year and also affect rich people disproportionately in addition to distorting the market.