Govt bears over RM2b in subsidies annually to overcome rising cost of living

KUALA LUMPUR: The government bears more than RM2 billion in subsidies a year to overcome and help the people cope with the rising cost of living, the Senate was told today.
Deputy Minister of Domestic Trade, Cooperatives and Consumerism Datuk Henry Sum Agong said these subsidies were to ensure essential items, such as sugar, cooking oil, flour, rice and also cooking gas, could be sold at a controlled price.
"The government is still controlling the price (of essential items) so that these items can still be made available to consumers at reasonable price," he said in reply to Senator Datuk Dr Lucas Umbul who wanted to know the measures taken by the government to tackle the rising cost of living.
He said the government had implemented various initiatives and programmes to keep the rising cost of living under control and to help lighten the people's burdens, such as through the Festive Season Price Control Scheme, the Standardised Price of Goods programme, the 1Malaysia People's Shop (KR1M) 2.0 and MyFarm Outlet programmes with the cooperation of the Ministry of Agriculture and Agro-based Industry.
"The ministry constantly monitors and conducts enforcement under the Price Control and Anti-Profiteering Act 2011 to ensure that traders do not make exorbitant profits, and will continue supplying goods at reasonable prices," he added. — Bernama