Public told not to speculate on price hikes

Malaysians are advised not to speculate on increase in prices of goods following the announcement on the salary increase for civil servants.

Domestic Trade, Cooperatives and Consumerism Minister Ismail Sabri Yaakob today advised the public to not speculate on increase in prices of goods following the announcement on the
salary increase for civil servants.

He said any speculation on price increase would adversely affect all quarters.

"Our concern is that some traders who believe it may hoard certain items.

"When there is shortage of the item, they will take advantage of the high demand to increase the price," he told reporters after opening the Universiti Malaysia Pahang (UMP) cooperative in Kuantan today.

Also present was UMP vice-chancellor Prof Dr Daing Nasir Ibrahim.

Ismail Sabri said the public, as consumers, should play their role to protect their interests.

In another development, he said the ministry hoped to have more retail outlets at public institutions of higher learning to sell 1Malaysia People's Shop (KR1M) products.

Currently, KR1M products are available at Universiti Malaya, UMP, Universiti Teknologi Mara (UiTM) in Melaka, Kolej Kemahiran Tinggi Mara and Sunway University, he added.

- Bernama