MALAYSIAN RISING COST OF LIVING

Fighting rising cost of living

PETALING JAYA: There are ways to manage rising cost of living although it is determined by internal and external factors.

Fomca chief executive officer Datuk Paul Selvaraj said both the Government and consumers could play their part in ensuring affordability and food security for the long-term.

This included increasing internal food production, ensuring fair competition and educating consumers about financial management.

“Overall, food prices and cost of living will continue to rise.

“The effects of climate change and higher demand globally also play a part,” he said when asked about rising food prices.

“Our food import bill is very high. Thus, we are quite vulnerable to changes in the international market.

“Climate change creates a lot of uncertainty and causes price fluctuations.

“Long-term agriculture goals will help us deal with this uncertainty and ensure adequate food supply.”

Paul said the Competition Act, which comes into effect in January, would help weed out price distortions, eliminate price fixing and ensure fair play at all levels of the agriculture supply chain.

He said having a direct chain between producers and consumers via farmers’ markets would also help reduce costs.

“We should encourage more farmers’ market or pasar tani,” he suggested.

The Kedai Rakyat 1Malaysia, he said, would also help ease the burden as it sold products at a cheaper price.

However, he noted that consumers needed to be more open about it as old habits of buying branded goods were too entrenched.

The products sold at these shops only carry the 1Malaysia brand.

Fomca, he said, was focusing on financial education programmes to help consumers brace for the higher cost of living.

“Cost of living can eat into the quality of life,” he said.

“People, especially those living in the city centre, will feel squeezed.”