Prime Minister Najib Razak said Price Hikes A Global Phenomenon

KUALA LUMPUR (Bernama) - Malaysia Prime Minister Najib Razak said Friday
price hikes involving essential goods and petrol is a global phenomenon and that
not a single country was able to escape this.

In fact, he said, in certain countries like Iran the price of oil increased
by more than 200 per cent while in China the price of wheat shot up.

He said the phenomenon started in October and persisted till now.

Najib said in his meeting with India's Trade and Industry Minister
Anand Sharma Friday, the minister also told him that India was facing rising
food prices.

"(As such), I want to say this (price hikes) is not because of the (ruling)u
Barisan Nasional (BN) government...it is a global phenomenon...we cannot fault
the government," he told reporters when asked about rising prices involving
essential goods and petrol.

Earlier, Najib had held a meeting with longhouse chiefs from the Belaga
district in the east Malaysian state of Sarawak, at the the Putra World Trade
Centre here.

When asked if the price hikes involving essential items and petrol would be
an issue, Najib said: "No...is not an issue and shouldn't be an issue."

According to him, just like the global economic crisis, price hikes
involving commodities was also a global phenomenon.

"In fact, our subsidies for food and all the other items have gone up to
RM14 billion (US$4.51 billion)this year because of rising prices, and if not for
our subsidy programme, prices will be much higher," he added.