According to a report made by Utusan Malaysia, it is predicted that Malaysia will likely witness a 60% increase in the prices of local goods starting next month.
However, are we well-prepared enough for such drastic changes?
Following the implementation of the new minimum wage rate which has been increased to RM1500 by the Ministry of Human Resources coupled with trader's greed who saw it as an opportunity to impose a rise in the prices of local produce. Quoting Professor Emeritus Dr. Barjoyai Bardai, an Economics lecturer, "The increase in the price of goods depends on demand and supply. This is in addition to the new minimum wage of RM1,500, which will cause the purchasing power to increase, so traders may take advantage of this to increase prices."
Perhaps now is a good time to trace back to how humankind first learned the art of survival and start growing our own food, ay?
