KUALA LUMPUR: The government is intensifying measures to control the supply and prices of goods to safeguard the local market from inflationary pressures resulting from the global supply crisis.
Deputy Domestic Trade and Cost of Living Minister Datuk Dr Fuziah Salleh said Malaysia is not isolated from the global impacts, including conflicts in the Middle East and restrictions on key trade routes such as the Strait of Hormuz.
She said rising international logistics costs are contributing to higher import prices, thus affecting the entire domestic supply chain.
"Actually, we do not live in our own cocoon because today, whatever happens around us will have an impact on our country. When logistics costs increase, surely the prices of goods brought in will rise, and there will be costs throughout the supply chain," she said.
She said this when she appeared as a guest on Bernama Radio's exclusive interview programme titled "From Global to Local: Government Effort to Control Inflation" Tuesday (April 21).
Fuziah also said that to minimise its effects on the people, the Domestic Trade and Cost of Living Ministry is focusing on ensuring sufficient supply and controlled prices through the enforcement of laws such as the Control of Supplies Act 1961 and the Price Control and Anti-Profiteering Act 2011 (Act 723).
She added that enforcement operations, such as Ops Tiris, have also been intensified to prevent leakages of subsidised goods, such as diesel, liquefied petroleum gas (LPG) and packet cooking oil, which are at higher risk during global crises.
"Besides Ops Tiris, the government also uses these two Acts to control the supply and prices of goods so that sellers or traders do not arbitrarily use the current conflict and geopolitical situation in West Asia as reasons to increase the prices of goods," she said.
She said that the ministry has the authority to instruct traders to submit complete information on business costs for up to two years to identify any unjustified price increases.
She also suggested that consumers prioritise local goods and practise prudent spending to help stabilise the market amid current global uncertainties. - Bernama
