Rising cost of food hampers personal savings

Keeping food affordable: Lim scooping rice and dishes for one of his customers at his stall in George Town. — K.T.GOH/The Star

GEORGE TOWN: Malaysians are hoping that Budget 2023 will address the rising cost of food issue as it can affect their personal savings in the long term.

Engineer S. Raakesh, 27, said the prices of goods had increased at a rapid rate over the past two years.

“Food prices have gone up tremendously. A small plate of basic fried rice used to be RM5.50, but now it is RM6.50.

“I live with my parents and when you buy food twice a day for three people, they add up. We are spending around RM6 to RM8 more per day compared to two years ago,” he said.

Hawker Alex Lim, 40, who runs a stall selling economy rice, said costs had increased by 50%, which in turn caused him to increase prices.

“It would be better if the prices of ingredients go down. In a household with children, I believe 40% of the expenditure goes to feeding the family.

“When customers tell me that my dishes are expensive, I tell them that I cannot help it as the costs of the raw ingredients have increased.

“If the government can subsidise the cost of oil and stop the costs of these fresh ingredients from going up, it would help us a lot,” he added.

Bodyguard Nazim Razak, 30, said a double income household is the only way to deal with the current economic situation.

“My wife and I are working. I have plans to buy a house but the interest rates are so high. My savings have dwindled as well.”