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Tuesday, March 3, 2015

Depreciating ringgit causing price hike, not traders, says Rafizi

PKR secretary-general Rafizi Ramli is critical of the government allowing for the depreciation of the Malaysian Ringgit, which he says is the one of the main reasons prices of consumables are not going down. – The Malaysian Insider pic, March 3, 2015.PKR secretary-general Rafizi Ramli is critical of the government allowing for the depreciation of the Malaysian Ringgit, which he says is the one of the main reasons prices of consumables are not going down. – The Malaysian Insider pic, March 3, 2015.The depreciating ringgit against the US dollar is contributing to dearer goods despite the plunge in global fuel prices and cheaper locally manufactured products, said PKR, citing a government index to measure factory prices of goods.
Party secretary-general Rafizi Ramli said traders are not responsible for the high prices of goods and services as the Producer Price Index (PPI) for Domestic Economy in January this year decreased by 0.4% as compared with December 2014, while year-on-year comparison showed a drop of 7%.
In contrast, for the same period, the import prices of goods had only gone down by a mere 0.4% and 0.2% respectively.
Coupled with the fact that Malaysia is heavily dependent on imported goods especially on food, this will definitely affect the prices of goods paid by consumers, he said.
"I have repeatedly said the depreciation of the ringgit is not something that should be taken lightly because it affects import pricing.
"The PPI report confirmed that the devaluation of the ringgit will cause prices of goods to remain expensive although Malaysian manufacturers have reduced the costs," he said at a press conference in PKR headquarters today.
- TMI

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