No Sharp Price Hikes Reported Despite Middle East Tensions, Says Domestic Trade Ministry
BANGI, April 2 — Malaysia’s Ministry of Domestic Trade and Cost of Living (KPDN) has confirmed that there have been no reports of sudden price spikes in the local market, even as geopolitical tensions in the Middle East continue to impact global economic conditions.
Deputy Minister Datuk Fuziah Salleh said the ministry is closely monitoring the prices of goods and services to ensure that consumers are not burdened by unjustified increases.
She explained that while global developments can influence supply chains and import costs, the current situation in Malaysia remains under control, particularly in terms of food prices.
“We are aware of the global pressures, but so far there have been no significant or abrupt price increases reported. We monitor the situation on a daily basis,” she said after attending a national entrepreneurship programme.
Daily Monitoring to Prevent Price Manipulation
Fuziah stressed that the ministry will not tolerate any attempt by businesses to exploit the situation by raising prices without valid justification.
She said enforcement efforts include regular inspections at business premises and continuous analysis of pricing trends to detect irregularities.
“If there is any evidence of price manipulation, we will take firm action. Consumers must be protected,” she said.
This proactive approach aims to prevent speculation-driven price hikes in a volatile economic environment.
Engagement with Industry Players Ongoing
In addition to enforcement, the ministry is maintaining close engagement with industry stakeholders to gather insights into current market conditions.
Fuziah said feedback from businesses is crucial in understanding operational challenges and developing appropriate responses.
“We need to hear directly from industry players, as they are dealing with rising costs on the ground,” she said.
Rising Costs Raise Concerns
Despite the stable price situation, industry groups have expressed concerns about increasing operational expenses.
The Malaysian Muslim Restaurant Owners Association recently reported cost increases of between 10 and 30 per cent due to global economic pressures.
Meanwhile, the Federation of Hawkers and Traders Associations has warned that food prices could potentially rise by up to 50 per cent if fuel and operational costs continue to climb.
However, Fuziah noted that these projections have not yet translated into widespread price increases in the market.
Government Remains Committed to Consumer Protection
She reaffirmed that the government will continue to take proactive measures to balance the needs of consumers and businesses.
Ongoing monitoring and collaboration with industry players, she said, are essential in maintaining price stability amid global uncertainties.
“Our priority is to ensure that consumers are not unduly burdened. We will act when necessary,” she said.
The current situation suggests that despite external pressures, domestic monitoring mechanisms remain effective in keeping prices stable across the market.
-wilayah.com.my
