KUALA LUMPUR – The government is doing its best to help the people cope with the rising prices of essential goods, said Prime Minister Anwar Ibrahim.

Datuk Seri Anwar acknowledged the hardship suffered by many amid the rising cost of living.

“There is a problem, I admit it. There are issues concerning the rising prices of goods and essentials,” he said after attending Lembaga Tabung Haji’s 60th anniversary celebration on Friday.

Mr Anwar gave his assurance that the Malaysian government was trying to deal with the increasing prices of goods that had affected public spending.

Acting Domestic Trade and Cost of Living Minister Armizan Mohd Ali and his deputy Fuziah Salleh are looking into the matter, he said.

The Prime Minister added that Deputy Prime Minister Ahmad Zahid Hamidi also raised the issue during the National Action Council on Cost of Living committee meeting.

“Some countries are facing major social unrest due to the restriction of rice exports and the increase in export taxes imposed on onions, for example,” Mr Anwar said. “All these have an economic impact and we are trying to deal with them, but we are addressing the matter. The Finance Ministry is ready to accommodate, and assistance (to the public) will continue.”

On Sept 19, Mr Anwar, who is also Finance Minister, said the details on the implementation of targeted subsidies would be presented during the upcoming second Madani Budget in October.

He said any subsidy rationalisation would not burden the middle- and lower-income groups. He explained that any further adjustment would certainly increase the burden already borne by the poor.

In the upcoming Budget 2024, the middle-income group M40, which is often overlooked when subsidies are announced, wants to see something in the federal budget for those in the segment. The M40 is also struggling to make ends meet amid the rising cost of goods and is experiencing “the middle child syndrome”, according to financial experts, who said this segment had received less aid from the government.

M40 makes up 40 per cent of those who earn a monthly net income of between RM4,851 (S$1,410) and RM10,960 (S$3,180), while B40 is the 40 per cent of households with a monthly net income below RM4,850, and T20 is the 20 per cent of Malaysian households with a monthly income above RM10,960.

Experts are recommending cash transfers to alleviate the rising cost of living for the M40 and a subsidy rationalisation exercise to be introduced to assist those who are truly struggling. THE STAR/ASIAN NEWS NETWORK