PETALING JAYA: Malaysians should brace for a "more difficult" period of rising costs driven by global energy turmoil and to tighten their belts by prioritising essential spending, says the Federation of Malaysian Consumers Associations (Fomca).
Its president Datuk Dr Marimuthu Nadason said global conflicts, particularly in the Middle East, were pushing up transportation and production costs, which would inevitably filter down to consumers.
"Malaysians must accept that we are facing a new wave of cost pressures influenced by external factors beyond our control," he said.
He urged households to focus on necessities, avoid impulsive purchases and adopt stricter budgeting.
"Consumers should prioritise essential spending, plan their monthly expenses carefully, reduce waste – especially food waste – and avoid taking on new debt unnecessarily," he said in a statement on Wednesday (April 1).
He also encouraged families to use public transport or car pool where possible to cut fuel costs, improve energy efficiency at home and build emergency savings to cushion against further price shocks.
He said consumers should compare prices, seek out promotions, buy in bulk where appropriate and support community-based efforts such as cooperative buying groups to lower costs.
"Consumers must remain informed, calm and disciplined. Panic and excessive speculation will only make the situation worse," he added.
Fomca chief executive officer Dr Saravanan Thambirajah, meanwhile, voiced support for Prime Minister Datuk Seri Anwar Ibrahim's call for Malaysians to be prepared and resilient in the face of global uncertainties.
He said the government had introduced several measures, including capped fuel prices under targeted subsidy schemes, to shield the public from the full impact of global price increases.
"These interventions show that the government is trying to balance fiscal realities with the need to protect consumers," he said.
However, Saravanan stressed that enforcement must be stepped up to ensure that traders do not take advantage of the situation.
"Authorities must monitor supply chains and prices closely to prevent profiteering. Any unjustified or excessive increases should be acted on swiftly," he said.
He reminded businesses not to use higher fuel or input costs as a blanket excuse to raise prices indiscriminately.
"Price revisions must be fair and transparent. In a challenging period like this, ethical business behaviour is crucial to maintaining public trust," he said.
Saravanan said Malaysians had shown resilience and unity during the Covid-19 pandemic and called for the same spirit now.
"Fomca urges all Malaysians to stand shoulder to shoulder to face these new global challenges. With cooperation, discipline and shared responsibility, we can get through this together," he added.
