The Malaysian government plans to stockpile essential goods such as rice and cooking oil to prevent shortages and to keep inflation down in a move welcomed yesterday by consumer groups.
Deputy Prime Minister Najib Razak said on Wednesday that the government would establish a council headed by the prime minister to decide which goods the country would stockpile, and to monitor the government's pricing policy.
Rising prices and food shortages are seen as one of the key concerns of voters ahead of a general election, widely expected to be held this March.
But Najib's aide, who declined to be named citing protocol, said the timing of the initiative ahead of possible elections was purely "coincidence."
"This is part of our efforts to keep prices stable and ensure adequate supplies," he said. "Even after the election, we have to address this issue ... There is a lot of concern about prices."
Malaysia's inflation rate rose 2.4 percent last month from a year earlier, the fastest pace since a 3.1 percent increase last February, due mainly to higher food and transportation costs, the Statistics Department said on Tuesday. For the full year, it said consumer prices rose an average 2 percent, down from 3.6 percent in 2006 and 3 percent in 2005.
The Federation of Malaysian Consumers Associations welcomed the establishment of the council but warned it may lack teeth to implement the stockpile.
"In principle, we agree with the set up because we feel it can help overcome the problem of supply shortage and also stabilize prices," federation spokesman Mohamad Yusof Abdul Rahman said. "It's a good initiative by the government but we hope that this council can meet its objectives."
The government also said it would restrict people from Singapore and Thailand shopping for primary foodstuffs, which are cheaper in Malaysia.
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