Rising cost of living a worldwide issue, not just in Malaysia – PM

With the rising cost of living, people are seeing a reduced purchasing power, taking back home less goods in their shopping cart for the same money they would have few months back.
File photo of Prime Minister Datuk Seri Ismail Sabri Yaakob.

KUALA LUMPUR, July 3 – The increasing cost of living now is not only a problem in Malaysia but in other parts of the world too due to various factors, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

In a video telecast Saturday published in his Facebook, https://fb.watch/e0TGjREsul/ the prime minister sought to clarify the ongoing high prices, pointing out that the situation in Malaysia has been also brought on by the fact that the country imports almost all the raw items used in the production of chicken – a major bone of contention presently.

The video was among several featuring excerpts from the speech by Ismail during the Malaysian Trade Union Congress Representative Conference.

He said 70 percent of the cost in raising a fowl depended on the animal feed and this was currently fully imported by Malaysia as it did not produce corn or soya beans. This is the reason why the price of chicken has gone up, he said.

Two short-term measures have been taken by the government to counter this, namely the subsidising of production cost for livestock farmers and the opening of more land towards the production of livestock.

He said the federal government will be working with state governments to set up the entire production chain for livestock including the cultivation and production of animal feed such as corn.