Inflation in Malaysia still manageable

Opinion
5 Jul 2022 • 11:00 AM MYT
The Sun Daily
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HOW would you feel if you are late for work due to factors outside your control, perhaps due to a massive crash along the highway or flash floods which rendered many routes unpassable? Most of us would feel upset or stressed out.

We may worry about missing out on important meetings or whether the boss will accept our explanation for being late.

But for most people, there’s also a sense of resignation over their bad luck.

They take it in their stride and move on, knowing that there’s no point blaming the weather or other reckless drivers; it doesn’t solve the problem nor is doing so productive.

These are factors beyond their control and many just shrug it off and focus on remedial action like catching up on lost time.

I believe the same should apply to the current price hike involving essential goods and services in the country.

While it’s true that inflationary pressure is pushing up the prices of goods such as cooking oil, eggs and chicken, we should recognise that the price hike was largely due to factors outside Malaysia’s control.

First of all, Malaysia is not the only country facing inflationary pressure.

In the UK, it was 9.1%, the highest in 40 years. In the US, it rose to 8.6%, also a four-decade high.

In Malaysia? It’s only 2.8% for May according to the Statistics Department.

The global hike in prices is attributed to a myriad of factors. Since the onset of the Covid-19 pandemic, the global supply chain has been severely disrupted.

To cite an example, not too long ago, KFC restaurants did not serve fries despite it being a signature side dish, due to the global shortage of potatoes. Less supply means price hikes.

This problem is exacerbated by the war in Ukraine. Global geopolitical tension and ground clashes have upended production, not just in the Black Sea region, but globally as well.

The third factor is the unfavourable weather patterns. From the yield in produce like wheat and sunflower seeds, the unpredictable weather stemming from global warming has wreaked havoc on the supply of essential items from flour to cooking oil.

If there was an easy solution, advanced countries like the US and UK would not be recording such stratospheric inflation rates.

So, I don’t get why many of us are so unnecessarily worked up over the price hikes.

If we are resigned to the fact that a heavy downpour in downtown KL can cause our commute to work to be delayed, why can’t we accept the fact that changing global weather patterns are causing the prices of cooking oil to rise?

Both are also factors outside our control. In fact, no one can control the weather or end the war in Ukraine.

Barking up the wrong tree is unproductive. It gives false hopes that things will change if someone else is in charge or if things have been done differently.

That’s like wishing there would not be any downpours during mornings when we need to head to work.

It is more productive for one to channel one’s energy and resources from making baseless complaints to seeking practical solutions to mitigate the effects of price hikes on a personal level.

Firdaus Abdul Rahman

Gombak