As the festive season approaches, essential goods have seen a shocking price hike of up to 400%, leaving consumers, particularly those in the B40 group, struggling to make ends meet.
The Penang Hindu Association (PHA) has raised alarm over these exorbitant increases, with its President, P Murugiah, citing a random survey conducted in response to numerous complaints from members.
Survey of Rising Prices
The results are startling: basic items such as tomatoes, which cost RM1.60 per kg in October, have surged to RM8.00 per kg, reflecting a staggering 400% price hike. Other essentials have similarly seen drastic increases. White garlic, imported from China, has risen from RM5 per kg to RM14.50, marking a 190% surge. Similarly, cardamom, a key spice in Indian cuisine, has gone up by 139%, from RM92.10 to RM220 per kg. Other commonly used items such as black sesame seeds and coconut milk have also experienced significant price hikes, with increases of 95% and 66.7%, respectively.
Hoarding or Exploitation?
Murugiah’s survey highlights that the price of husked coconuts, vital for Thaipusam celebrations, has increased by 62.5%, from RM1.60 to RM2.60 per fruit. Retailers are also claiming shortages of these coconuts, raising concerns of potential hoarding before the celebrations.
Bleak Key Festivities
With such sky-high prices, many consumers are forced to scale back their festive preparations, further exacerbating the financial strain on lower-income households.
The main factors driving these price hikes, according to suppliers and wholesalers, include rising commodity costs and increased import duties.
Exorbitant Profiteering?
Murugiah argues that while a reasonable profit margin of 15% to 20% is acceptable, some retailers are choosing to inflate prices by 40% to 60%, causing unnecessary hardship for ordinary Malaysians.
Thrifty Situation Ahead
The situation paints a grim picture for the B40 group, who are already vulnerable to economic fluctuations. With prices soaring just ahead of two major celebrations ie. Chinese New Year and Thaipusam, families are left with no option but to tighten their belts and adjust to the rising costs.
This price surge is not only a strain on households but also raises questions about market manipulation and the ethics of profiteering during crucial festive seasons.
By: Kpost
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