4th July 2022 - 2 min read
Prime Minister Datuk Seri Ismail Sabri Yaakob has said that the government will look into ways to address the increasing prices of goods in the country. He affirmed that the government will not let the people suffer from the price hikes.
According to Datuk Seri Ismail Sabri, the government is taking short-, medium-, as well as long-term measures to ensure that the people are not overburdened by the rising prices of goods. One of the initiatives that have been taken thus far is the government’s provision of subsidies for various items, including chicken, chicken eggs, cooking oil, fuel, electricity, and water.
The total subsidies – which is projected to hit almost RM80 billion – is said to be the highest amount of subsidies ever borne by any government. Among others, it will cover consumption subsidies for items such as petrol, diesel, liquefied petroleum gas (RM37.3 billion), cooking oil (RM4 billion), flour, electricity, and subsidy bills (RM9.7 billion).
Aside from the subsidies, the government has also recently formed a special team, Jihad Tangani Inflasi to draft strategies and coordinate efforts to resolve the problem of rising cost of living in the country. Chaired by Communications and Multimedia Minister Tan Sri Annuar Musa, the special team will adopt proactive measures to keep the country’s inflation at a low and manageable rate.
“The government will continue to consistently focus on programmes and initiatives that bring prosperity and benefits to Keluarga Malaysia,” the prime minister remarked, adding that the government will offer both material aid and support whenever necessary.
(Source: Malay Mail)
Subscribe to our exclusive weekly newsletter and we’ll bring you the week’s highlights of financial news, expert tips, guides, and the latest credit card and e-wallet deals.
Stay tuned for what’s to come next in the personal finance world