Be more mindful when making purchasing decisions, consumers advised
KUCHING: Customers need to be more mindful in making their purchasing decisions and practise financial prudence in view of the hike in food prices nowadays.
In giving this advice, Consumers Voice Association of Sarawak (Covas) president Michael Tiong says there is a myriad of factors behind the increase in food prices, including adverse weather conditions, supply shortage, spike in demands and higher transportation costs, adding that the situation is not exclusive to Malaysia.
“For example, the supply shortage resulting from bad harvests, coupled with rising demand from China, is pushing the price of wheat up internationally,” he told The Borneo Post yesterday.
Tiong also observed that the costs of raw materials for other goods had gone up in tandem with rising inflationary pressure from the international market.
“Moreover, the supply-anddemand disruption caused by the Covid-19 pandemic has created temporary shortage in supply to meet escalating demands. This, in turn, puts added pressure on pricing.” In this regard, Tiong reiterated his call for consumers to spend wisely, in that he expected that the price hikes would continue in the coming months until the supply-chain situation had improved or stabilised.
“Some goods must face temporary price increases due to shortage. On the other hand, there would be others that might experience ongoing price increases due to limited raw materials.”
Tiong also cautioned that some irresponsible traders might take advantage of this situation opportunity to increase the prices of good above the set benchmark.
As he reminded consumers to be more aware of this, he also advised them to run ‘smart comparisons’ between sellers, and also between brands.
“There are several similar products with different brands and different prices – one can be 40 per cent higher than the other. Smart comparisons can help turn such option into savings.”
Tiong also said consumers must be willing to adapt their lifestyles to their current budget, economic status and affordability.
“In this respect, an ounce of prevention is worth a pound of cure. After undergoing the Movement Control Order (MCO) and the pandemic period for almost two years, we should know what to do, what to expect and how to solve the incoming challenges,” he added.