RECENTLY, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said that Malaysia’s inflation rate remained comparatively low to other countries, adding the economy is headed in the right direction.
“We have increased the subsidies for petrol, some of the foods, goods, and essentials, hence, it has helped the inflation remain quite low for Malaysia. Inflation in Malaysia last month was 2.2%… So that’s still good.
“What we need to focus on now is to be more targeted in subsidies. I don’t think we can have a subsidy that’s meant for all, but (should instead more focused) for the vulnerable groups, which I think they still need us,” Bernama reported him as saying.
The interview was conducted in conjunction with his attendance at the World Economic Forum (WEF) Annual Meeting 2022 in Davos, Switzerland from May 22-26.
However, netizens were unimpressed with him downplaying the soaring inflation rate in the country and took to social media to criticise Tengku Zafrul.
“I think he is out of touch with the common Malaysians,” said user Chan Maxby.
Echoing Chan’s sentiments, user Jai Noordin added:
Netizen Rajan Nair jested: “The right direction for politicians and cronies, of course. The civilians are suffering.”
Currently, Malaysia is plagued with several issues particularly rising cost of living. With the ringgit weakening against the greenback at RM4.40, experts have projected that Malaysia import bill will soar soon.
In terms of food import alone, Malaysia’s price tag for it comes to RM50 bil annually and the sum is expected to rise given ringgit’s depreciation.
And right now, the rise in food prices is already affecting the masses as several states are reporting shortage of chicken supply due to supply disruption, allegedly triggered by cartels.
With that, several traders have taken their own initiative to ration purchases. Despite chicken price being capped at RM8.90 per kilogramme (kg), some places are reported to be selling them at RM12/kg due to low supply.
Heading for a disaster
Two days ago, TA Securities Research had stated: “Soaring food prices will continue to dominant our consumer prices in the coming months amid elevated global commodity prices, domestic supply chain disruptions and depreciation of the ringgit.”
On that note, user Victor Lim berated Tengku Zafrul for being oblivious to the people’s plight and urged him to visit wet markets to see the situation himself.
Netizen James Leong retorted: “If our destination is disaster, then we are in the right direction.” – May 28, 2022
