PUTRAJAYA, March 12 (Bernama) -- The Domestic Trade and Cost of Living Ministry (KPDN) is strengthening enforcement against any form of price profiteering under the Price Control and Anti-Profiteering Act 2011 to ensure traders do not take advantage of uncertainties in the global economic environment.
Its deputy minister, Datuk Dr Fuziah Salleh, said that if there are unreasonable price increases, the ministry can issue a Section 21 Notice to obtain explanations on input costs and profit margins from the parties involved.
“Any party found to be taking advantage of the current situation will face strict action in accordance with the provisions of the law,” she said in a statement today.
Fuziah said the government has taken note of economists’ views that rising input costs such as fertiliser, animal feed, logistics and agricultural imports could potentially exert pressure on food prices, in addition to geopolitical uncertainties that may affect inflation rates.
However, based on current domestic monitoring, the prices of essential goods remain under control and, so far, KPDN has not received any reports nor detected unexpected price hikes following the conflict in West Asia, she added.
“Close monitoring conducted by more than 2,400 enforcement personnel and 850 price monitoring officers nationwide found that the prices of basic necessities remain stable for now,” she said.
At the same time, Fuziah said KPDN is working closely with the Agriculture and Food Security Ministry (KPKM) to ensure the stability of the country’s food supply chain and to prevent any increase in input costs from being excessively passed on to consumers.
She said the government is also intensifying the implementation of various mitigation initiatives, including the Rahmah MADANI sales programme, which offers essential goods at prices between 10 and 30 per cent lower than market rates to help ease the cost of living burden on the people.
Fuziah said the public is encouraged to channel official complaints to KPDN if they detect any unreasonable price increases so that investigations can be initiated promptly.
-- BERNAMA
