KR1M – Smart Consumers, Inflation Combatted
This week, we feature tips on how to ease the burden of inflation from Kedai Rakyat 1Malaysia website. Enjoy!
What is inflation?
Inflation is an economic situation where price hike of goods and services occurs as a result of several factors such as consumer demand exceeding that of production and increasing material costs.
Shopping tips to overcome inflation
- Set aside savings early in the month
- Reconcile all expenditures by category. Example: groceries, bill payments, loans, savings
Find alternatives to minimize expenses
- Buying or using lower priced goods
- Buy goods made in Malaysia
- Check supermarket newspaper ads for price comparison to get the best price.
- Plan your expenses according to your needs
- Take advantage of free products or services, such as exercising at the office gym.
Take public transport or car pool to work
- Try to use public transport three times a week to get to work.
Family entertainment in moderation
- Visit a museum or go to free concerts for entertainment.
- Rent a DVD and watch with your family / friends.
- Relax the mind at recreational parks that are abundant across Malaysia.
In short, a high price tag doesn’t always equate to best quality. Typically, items are sold at high prices to cover the costs of premium advertising and promotion. Compare prices and quality before you buy. You can do smart price comparison of food and beverages, clothing, and other fast moving goods that don’t involve large expenditures.
The government is always monitoring the following programs:
- Kedai Rakyat 1Malaysia
- Menu Rakyat 1Malaysia
- Dialogue with industry officials
- Consumer Rights Campaign
- Cooperation with government agencies
- Distribution of necessary goods project
- Introduction of Price Control and Anti-Profiteering Act 2011