(Bandar Seri Begawan, 7th) Coordinating Minister for Economic Policy, and Minister of Economy, Trade and Industry, Manav Haji Mettin, stated that the government continues to review the entire product value chain in order to understand the factors leading to price changes, ensuring any price increases are justified by actual cost basis.
He made this statement during the second session of the 22nd Legislative Council meeting, on the second day, in response to Legislative Council member Safiyah's question about the ministry's extent of review on product price increases and the entire value chain to determine at which stage prices are rising.
Manav pointed out that rising prices are a global phenomenon affecting most countries. Global economic uncertainties, including geopolitical conflicts, have led to increases in oil prices, energy costs, as well as international shipping and logistics expenses, which in turn have caused global supply chain disruptions.
He said that increased costs at various stages of the value chain may ultimately be reflected in higher prices paid by consumers.
To gain a deeper understanding of specific industries and to identify the reasons for price increases, one of the ministry's measures is to engage directly with businesses and industry players.
He said this approach has already been used to assess the impact of the Middle East situation on our country's plastics industry and transportation costs.
"These exchanges help the government to introduce appropriate and evidence-based mitigation measures when necessary, while balancing consumer interests and business sustainability in an ever-changing economic environment."
In addition, the ministry also enforces and implements the Price Control Order for subsidised goods such as rice, sugar, and petrol, as well as certain essential items like cooking oil and infant formula.
He said that by enforcing the relevant legislation, the government ensures that the prices of these essentials remain affordable and accessible to the public.
The enforcement of these laws also helps the country maintain stable inflation levels in the face of international inflation, global supply chain disruptions, and rising raw material costs.
Meanwhile, to maintain market balance and avoid the adverse effects of excessive market intervention, the government also attaches great importance to increasing price transparency.
He said the government carries out weekly price monitoring on designated basic food items, collecting price data from over 100 retail stores and supermarkets nationwide.
The relevant price data will continue to be provided through the "PenggunaBijak" application. Currently, the application is being upgraded to enhance security features and is expected to be relaunched soon, enabling consumers to access information and make price comparisons.
Before the application's relaunch, relevant price data will still be published on the Consumer Affairs Unit website to ensure the public has uninterrupted access to the latest price information.
Manav pointed out that price monitoring measures also help the government assess whether price changes are reasonable and detect sudden price hikes, as well as identify the underlying reasons, such as increases in raw material costs or disruptions to the supply chain.
He said analysis of price monitoring data also serves as an early warning signal, allowing relevant agencies to coordinate and take measures to address issues that may affect price stability.
Regarding the impact of rising prices, he emphasized that businesses also play an important role in maintaining supply chain stability, including diversifying import sources and seeking more affordable alternative sources to replace existing suppliers.
He reiterated that the ministry will continue to uphold a whole-of-government approach and implement strategies under the Economic Policy Coordination (EPC) group to maintain price stability and enhance national economic resilience.
These roadmaps are crucial strategic tools for assessing the advantages and weaknesses of our country's key industry ecosystems.
Through such assessments, the ministry can identify opportunities to boost productivity and industrial competitiveness, address deficiencies in infrastructure, logistics and supporting industries, and expand local value-added activities and domestic production capacity to reduce import dependence as well as strengthen the resilience of local industries.
He made this statement during the second session of the 22nd Legislative Council meeting, on the second day, in response to Legislative Council member Safiyah's question about the ministry's extent of review on product price increases and the entire value chain to determine at which stage prices are rising.
Manav pointed out that rising prices are a global phenomenon affecting most countries. Global economic uncertainties, including geopolitical conflicts, have led to increases in oil prices, energy costs, as well as international shipping and logistics expenses, which in turn have caused global supply chain disruptions.
He said that increased costs at various stages of the value chain may ultimately be reflected in higher prices paid by consumers.
To gain a deeper understanding of specific industries and to identify the reasons for price increases, one of the ministry's measures is to engage directly with businesses and industry players.
He said this approach has already been used to assess the impact of the Middle East situation on our country's plastics industry and transportation costs.
"These exchanges help the government to introduce appropriate and evidence-based mitigation measures when necessary, while balancing consumer interests and business sustainability in an ever-changing economic environment."
In addition, the ministry also enforces and implements the Price Control Order for subsidised goods such as rice, sugar, and petrol, as well as certain essential items like cooking oil and infant formula.
He said that by enforcing the relevant legislation, the government ensures that the prices of these essentials remain affordable and accessible to the public.
The enforcement of these laws also helps the country maintain stable inflation levels in the face of international inflation, global supply chain disruptions, and rising raw material costs.
Meanwhile, to maintain market balance and avoid the adverse effects of excessive market intervention, the government also attaches great importance to increasing price transparency.
He said the government carries out weekly price monitoring on designated basic food items, collecting price data from over 100 retail stores and supermarkets nationwide.
The relevant price data will continue to be provided through the "PenggunaBijak" application. Currently, the application is being upgraded to enhance security features and is expected to be relaunched soon, enabling consumers to access information and make price comparisons.
Before the application's relaunch, relevant price data will still be published on the Consumer Affairs Unit website to ensure the public has uninterrupted access to the latest price information.
Manav pointed out that price monitoring measures also help the government assess whether price changes are reasonable and detect sudden price hikes, as well as identify the underlying reasons, such as increases in raw material costs or disruptions to the supply chain.
He said analysis of price monitoring data also serves as an early warning signal, allowing relevant agencies to coordinate and take measures to address issues that may affect price stability.
Regarding the impact of rising prices, he emphasized that businesses also play an important role in maintaining supply chain stability, including diversifying import sources and seeking more affordable alternative sources to replace existing suppliers.
He reiterated that the ministry will continue to uphold a whole-of-government approach and implement strategies under the Economic Policy Coordination (EPC) group to maintain price stability and enhance national economic resilience.
These roadmaps are crucial strategic tools for assessing the advantages and weaknesses of our country's key industry ecosystems.
Through such assessments, the ministry can identify opportunities to boost productivity and industrial competitiveness, address deficiencies in infrastructure, logistics and supporting industries, and expand local value-added activities and domestic production capacity to reduce import dependence as well as strengthen the resilience of local industries.