Price of goods: Minister says govt supports free market system

PETALING JAYA: Umno supreme council member Hamzah Zainudin has claimed that certain media and opposition leaders have tried to spin an Islamic hadith that he had used to state the Prophet’s support for a free market economy.

He said these quarters now claimed the government was not doing anything to address the cost of living and was now leaving it to “God’s will”.

Social media users are also saying Malaysia’s leaders are now resorting to blaming God to cover up their own shortcomings and to disclaim responsibility for the high cost of things.

Hamzah, who is domestic trade, cooperatives and consumerism minister, had used the hadith in his speech at the recently concluded Umno general assembly.

He told Star Online that he used the hadith only to indicate that the Prophet seemed to be in support of a free market.

According to the Hadith, when friends of the Prophet beseeched him to fix the price of goods, he had responded that “Allah is the One who decrees prices”.

“The Prophet said ‘no’ to reducing the price. The Prophet wanted us to not interfere in the free market.

“The Prophet didn’t specifically talk about the free market but that’s what the Prophet was trying to explain to his people.

“When you talk about the free market, you must be fair to both sides,” The Star Online quoted him as saying.

He said the issue of rising prices had occurred since the days of the Prophet.

Malaysia was following what the Prophet said and applying the basic principles of a free market economy, he added.

“In fact, the prices of goods that we have at the moment are one of the lowest in Asean.

“It shows that we control the prices nicely.

“We are actually very fair as we look after both sides — the businesses and consumers.”

Hamzah said the prices of fresh produce like vegetables and fish were determined by demand and supply.

“When we have enough supply, the price will go down.

“I will work with the agriculture and agro-based industry ministry to make sure there’s enough supply.

“Then, I will control on my side to ensure there is no profiteering.”

The minister said the government had been fair to the rakyat by controlling prices of basic necessities like rice, sugar, flour, cooking oil and cooking gas.

He noted the government was spending RM2 billion a year in subsidies to control these five essential goods. -FMT