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.
According to BERNAMA News Agency, Deputy Minister of Domestic Trade and Cost of Living (KPDN) Datuk Dr Fuziah Salleh stated that Malaysia is not isolated from the global impacts, including conflicts in West Asia and restrictions on key trade routes such as the Strait of Hormuz. She noted that rising international logistics costs are contributing to higher import prices, thereby affecting the entire domestic supply chain.
Fuziah highlighted that the interconnectedness of global events has a direct impact on the country's economy. She explained that increased logistics costs inevitably lead to higher prices for imported goods, which then affects the entire supply chain. She shared these insights during her appearance on Bernama Radio's exclusive interview program titled 'From Global to Local: Government Effort to Control Inflation'.
To mitigate these effects, Fuziah emphasized that the KPDN is concentrating 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 also mentioned that enforcement operations, like Ops Tiris, have been intensified to prevent leakages of subsidized goods, such as diesel, liquefied petroleum gas (LPG), and packet cooking oil, which are at higher risk during global crises.
Fuziah elaborated that alongside Ops Tiris, the government employs these legislative measures to ensure that sellers or traders do not exploit the current conflict and geopolitical situation in West Asia as pretexts to hike goods prices. She further explained that the KPDN has the authority to require traders to provide comprehensive information on business costs for up to two years to detect any unjustified price increases.
In addition, Fuziah advised consumers to prioritize local goods and practice prudent spending as a means to help stabilize the market amid current global uncertainties.