Ending price manipulation

IT has been over seven months since GE14 and Malaysian consumers are continuing to struggle with cost of living issues, claims to the contrary notwithstanding.

This is despite the alleged “benign” inflation of 1% in 2018.

In the last week alone, there have been official statements on the possible increase of tariffs for public utilities, including water, without any consultation with stakeholders.

It is time to address these issues by urging the government to use the newly revived weekly fuel pricing system as an inspiration for policymakers to devise a method of controlling the price of daily essentials and the cost of transport and utilities.

It is also time to establish a taskforce comprising representa- tives from all ministries, government officials and consumerists to study the market, monitor prices and relook at the availability and distribution of essential goods and critical services, including the price of utilities.

The taskforce should be chaired by the deputy prime minister to give it bite.

I have been a consumerist for over 40 years and was appointed by the previous government to the cabinet committee on cost of living and was involved in recommending the weekly fuel pricing system to the previous administration.

It produced stability and results, as such I believe a similar formula for the pricing of essential goods would, apart from ensuring a fair market, keep con- sumers informed of price changes and give them an understanding of the reasons behind such changes.

For example, when the price of fish or vegetables goes up in bad weather, or if there is a sudden shortage of meat, eggs and other consumables, the public could learn of this from the proposed panel which will then provide an advisory.

The same would apply to public utilities, housing, transport, healthcare and education.

Consumers would be delighted as they want up-to-date information on why there are disparities and unaccountable price hikes and the proposed intervention undertaken by the government to stabilise the situation.

They will also be happy that the government of the day is taking these huge challenges seriously with an executive taskforce responsible for monitoring the marketplace and the behaviour of stakeholders

Suppliers and retailers would not be able to raise prices indiscriminately because of the monitoring done by the panel.

The punitive sanctions that await those abusing the system should include suspension or blacklisting of their business licence.

It is time to declare war against those who are manipulating the marketplace.

DR JACOB GEORGE President, Consumers Association of Subang and Shah Alam