KUALA LUMPUR: The government is doing its best to help the people cope with the rising prices of essential goods, says Datuk Seri Anwar Ibrahim.
The Prime Minister acknowledged the hardship suffered by many following the rising cost of living.
“There is a problem, I admit it. There are issues concerning the rising prices of goods and essentials,” he said when met after attending Lembaga Tabung Haji’s (TH) 60th anniversary celebration yesterday.
Anwar gave his assurance that the government was trying to deal with the increasing prices of goods that had affected public spending.
He said the matter was being looked into by Datuk Armizan Mohd Ali (acting Domestic Trade and Cost of Living Minister) and Fuziah Salleh (Deputy Domestic Trade and Cost of Living Minister).
He said Deputy Prime Minister Datuk Seri Dr Ahmad Zahid Hamidi had also raised the issue during the National Action Council on Cost of Living (NACCOL) Committee meeting.
ALSO READ: PM: Govt doing its best to help people cope with rising prices of goods
“Some countries are facing major social unrest due to the restriction of rice exports and the increase in export taxes imposed on onions, for example,” he said.
“All these have an economic impact and we are trying to deal with them, but we are addressing the matter.
“The Finance Ministry is ready to accommodate, and assistance (to the public) will continue.”
On Sept 19, Anwar, who is also Finance Minister, said the details on the implementation of targeted subsidies would be presented during the upcoming second Madani Budget in October.
ALSO READ: Prices of essential goods to remain stable
Anwar said any subsidy rationalisation would not burden the middle and lower-income groups.
He explained that any further adjustment would certainly increase the burden already borne by the poor.
In the upcoming Budget 2024, the middle-income group, or M40, which is often the overlooked segment of society when subsidies are announced, wants to see something for them in the federal budget.
The M40 is also struggling to make ends meet amid the rising cost of goods and is experiencing “the middle child syndrome”, according to financial experts, who said this segment had received less aid from the government.
M40 makes up 40% of those who earn a monthly net income of between RM4,851 and RM10,960, while B40 is 40% of households with a monthly net income below RM4,850, and T20 is 20% of Malaysian households with a monthly income above RM10,960.
Experts are recommending cash transfers to alleviate the rising cost of living for the M40 and a subsidy rationalisation exercise to be introduced to assist those who are truly struggling.
