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.
Rafizi said these facts showed that although prices of Malaysian made goods have dropped for the past one year, imported goods remained more or less the same.
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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