PETALING JAYA: The Federation of Malaysian Consumers Associations (Fomca) CEO Saravanan Thambirajah has called on the public to monitor the market following price hikes of essential goods and spices as reported in theSun yesterday.
He said theSun report quoted Penang Hindu Association (PHA) president Datuk P. Murugiah as urging the Domestic Trade and Cost of Living Ministry and the Prime Minister’s Department to act against importers, manufacturers, wholesalers and retailers who have increased the prices of essential goods despite the favourable ringgit to US dollar exchange rate “is very apt”.
“While the government has taken steps to regulate prices, consumers must play the role of monitors by using the Price Catcher app which can be downloaded from Apple App Store and Google Play store to make purchasing decisions by comparing prices across retailers.
“Additionally, the government must strengthen its engagement with traders and supply chains to ensure transparency. Real-time price monitoring, especially during festive seasons, is essential to detect and prevent any unjustified price increases,” Saravanan said.
Yesterday, Murugiah said in light of Deepavali on Oct 31, the PHA had received numerous complaints from the Hindu community over price increases.
He said based on the complaints and feedback, consumers have cited the hefty prices as their primary consideration when purchasing essential items compared with other factors, such as quality and uniqueness of products.
“We fear that if the matter remains unchecked, it would impact consumer spending and dampen the festive mood by forcing families to scale back on their preparations and pare down on essential cooking items and ingredients that are important for Deepavali.
“The price of cardamoms has skyrocketed from RM40 per kg in 2023 to RM140 per kg this year, which is a 250% increase in just over a year. Of the 19 items we surveyed, seven had a price increase of 100% or more while the remaining showed an increase of between 22% and 75%.”
Murugiah said the price increases have come as a surprise, considering the ringgit has strengthened against the US dollar, and this has had little to no impact on the prices of imported items commonly purchased for Deepavali.
Saravanan supported this view and said Fomca is also deeply concerned about the recent surge in prices of essential goods considering the ringgit’s strength against the US dollar.
“Exchange rate fluctuations are often short-term and may not significantly or immediately impact prices. Nonetheless, price stability is crucial to prevent businesses from exploiting market conditions and taking advantage of increased consumer demand.
“Wholesalers and retailers play a significant role in determining prices, and it is essential that they act responsibly,” Saravanan said, adding that although some price adjustments may be related to supply chain challenges, unjustified increases must be curbed.
He urged the ministry to double down on its market surveillance and enforcement efforts during festive periods to ensure fair market practices and protect consumers.
“With Deepavali looming, the rising cost of essential goods will further affect the B40 and M40 households who are already struggling financially.
“They may find it increasingly difficult to afford traditional items for Deepavali, while price hikes will force many to scale back on their preparations.
“Financial pressure may also limit participation in cultural practices and social gatherings which are vital for community
well-being.”
