ID :
211691
Fri, 10/07/2011 - 13:18
Auther :
Shortlink :
https://oananews.org//node/211691
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GOV’T IMPLEMENTS NUMEROUS MEASURES TO CONTAIN INFLATION - REPORT
KUALA LUMPUR, Oct 7 (Bernama) - The government implemented at least 10
measures to mitigate the impact on the people of rising inflation which stood at
3.1 per cent in the first seven months of this year, says the 2011/2012 Economic
Report released on Friday by the Finance Ministry.
It outlines these measures as:
* the providing of subsidies for petrol, diesel, LPG and food items such
as rice, sugar, flour and cooking oil, and abolishing import duties on several
food items such as vermicelli, biscuits, fruit juice and sweet corn.
* the providing of allocations of RM974 million as price subsidy for padi,
fertilizers and padi seeds; RM230 million for production incentives and
increasing padi yield, RM235 million to upgrade the draining and irrigation
system as well as usage of high quality padi seeds; and RM170 million as
incentives for fishermen as well as boat owners and workers to increase fish
landing.
* the extending of income tax deduction for investors and income tax
exemption for companies undertaking food production activities for another five
years until 2015.
* the implementing of the Food Supply Guarantee Policy 2008-2010 to increase
production and productivity of the agro food sector and to ensure that food
supply is adequate, of quality and safe for consumption. This is followed by the
Food Agro Policy 2011-2020 aimed at further tapping the agricultural potential
in increasing output and developing a more integrated food supply chain.
* the introducing of an interactive portal 1Malaysia Smart Consumer, to
provide consumers with updates on price developments of 355 consumer products
and make price comparison of products sold at 1,255 retail outlets nationwide,
including hypermarkets, supermarkets and wet markets. The prices of products are
monitored and updated by 1,300 price watch officers.
* the implementing of the Price Control and Anti-Profiteering Act 2010 to
control prices of goods or charges for services and to prohibit profiteering.
* the enacting of the Competition Act 2010 (which will come into effect in
January 2012) to curtail anti-competitive practices by an enterprise or
enterprises, and thereby protecting the interests of consumers.
* the launching of Kedai Rakyat 1Malaysia (KR1M) shops which offer 250 items
under the brand name “1Malaysia” at prices up to 40 per cent lower than market
prices to ease the burden of the vulnerable group in urban areas.
* the introducing of the Menu Rakyat 1Malaysia for breakfast and lunch set
with drinks at an affordable price of RM2 and RM4, respectively. The programme,
with cooperation from food operators nationwide, is aimed at helping people save
on their daily expenses. There are now 728 restaurant operators participating in
the programme.
* The launching of the Skim Rumah Pertamaku or My First Home Scheme to
assist young adults under 35 years old, earning less than RM3,000 per month, to
own a home, as well as the 1Malaysia People’s Housing Programme (PR1MA) to build
houses mainly in urban and suburban areas, targeted for the middle-income group
with household income of between RM2,500 and RM6,000 a month.
The report also says that the government recently introduced an additional
National Key Result Area (NKRA) to deal with the rising cost of living, the main
objective of which was to identify measures to assist and ease the burden faced
by the vulnerable, low-income and middle-income groups.
The report attributes the rising inflation to soaring global commodity
prices, particularly fuel and food commodities, and says the increase is in
tandem with the recovery in global economic growth, which picked up in the
middle of 2010. It says inflation was recorded at 0.6 per cent in 2009 and 1.7
per cent in 2010.
It says the three major contributors to the increase were food and
beverages; transport; and housing, water, electricity, gas and other fuels
groups.
Besides the supply factors, the increase in inflation is also partly caused
by the subsidy rationalisation of some consumers items, including sugar, petrol
RON97 and electricity tariffs, it adds.
Nevertheless, the inflation rate in Malaysia remains the lowest in the
region when compared to countries such as Indonesia (6.1 per cent), Singapore
(five per cent) and Thailand (3.6 per cent). (US$1=RM3.17)
-- BERNAMA
measures to mitigate the impact on the people of rising inflation which stood at
3.1 per cent in the first seven months of this year, says the 2011/2012 Economic
Report released on Friday by the Finance Ministry.
It outlines these measures as:
* the providing of subsidies for petrol, diesel, LPG and food items such
as rice, sugar, flour and cooking oil, and abolishing import duties on several
food items such as vermicelli, biscuits, fruit juice and sweet corn.
* the providing of allocations of RM974 million as price subsidy for padi,
fertilizers and padi seeds; RM230 million for production incentives and
increasing padi yield, RM235 million to upgrade the draining and irrigation
system as well as usage of high quality padi seeds; and RM170 million as
incentives for fishermen as well as boat owners and workers to increase fish
landing.
* the extending of income tax deduction for investors and income tax
exemption for companies undertaking food production activities for another five
years until 2015.
* the implementing of the Food Supply Guarantee Policy 2008-2010 to increase
production and productivity of the agro food sector and to ensure that food
supply is adequate, of quality and safe for consumption. This is followed by the
Food Agro Policy 2011-2020 aimed at further tapping the agricultural potential
in increasing output and developing a more integrated food supply chain.
* the introducing of an interactive portal 1Malaysia Smart Consumer, to
provide consumers with updates on price developments of 355 consumer products
and make price comparison of products sold at 1,255 retail outlets nationwide,
including hypermarkets, supermarkets and wet markets. The prices of products are
monitored and updated by 1,300 price watch officers.
* the implementing of the Price Control and Anti-Profiteering Act 2010 to
control prices of goods or charges for services and to prohibit profiteering.
* the enacting of the Competition Act 2010 (which will come into effect in
January 2012) to curtail anti-competitive practices by an enterprise or
enterprises, and thereby protecting the interests of consumers.
* the launching of Kedai Rakyat 1Malaysia (KR1M) shops which offer 250 items
under the brand name “1Malaysia” at prices up to 40 per cent lower than market
prices to ease the burden of the vulnerable group in urban areas.
* the introducing of the Menu Rakyat 1Malaysia for breakfast and lunch set
with drinks at an affordable price of RM2 and RM4, respectively. The programme,
with cooperation from food operators nationwide, is aimed at helping people save
on their daily expenses. There are now 728 restaurant operators participating in
the programme.
* The launching of the Skim Rumah Pertamaku or My First Home Scheme to
assist young adults under 35 years old, earning less than RM3,000 per month, to
own a home, as well as the 1Malaysia People’s Housing Programme (PR1MA) to build
houses mainly in urban and suburban areas, targeted for the middle-income group
with household income of between RM2,500 and RM6,000 a month.
The report also says that the government recently introduced an additional
National Key Result Area (NKRA) to deal with the rising cost of living, the main
objective of which was to identify measures to assist and ease the burden faced
by the vulnerable, low-income and middle-income groups.
The report attributes the rising inflation to soaring global commodity
prices, particularly fuel and food commodities, and says the increase is in
tandem with the recovery in global economic growth, which picked up in the
middle of 2010. It says inflation was recorded at 0.6 per cent in 2009 and 1.7
per cent in 2010.
It says the three major contributors to the increase were food and
beverages; transport; and housing, water, electricity, gas and other fuels
groups.
Besides the supply factors, the increase in inflation is also partly caused
by the subsidy rationalisation of some consumers items, including sugar, petrol
RON97 and electricity tariffs, it adds.
Nevertheless, the inflation rate in Malaysia remains the lowest in the
region when compared to countries such as Indonesia (6.1 per cent), Singapore
(five per cent) and Thailand (3.6 per cent). (US$1=RM3.17)
-- BERNAMA
