Deputy Prime Minister Muhyiddin Yassin said today he will be chairing a special cabinet committee meeting to find the best approach to tackle the issue of rising costs of goods and services.
He said the meeting, which would be held in a week, would recommend measures to be taken to address the problem in the short and long term.
"The meeting will focus on economic problems faced by the people and ways to manage this. It will not be easy to resolve in view rising global oil prices which cause the prices of certain goods to rise causing the inflation rate to be possibly above three percent now," he said when opening Bagan Datoh Umno's annual delegates meeting.
However, he said in Malaysia, the rise in costs of goods and services and the inflation rate was minimal compared to other countries.
He said the meeting would also discuss the steps that could be taken by the government, manufacturers and distributors in the supply chain as well as providers of services to mitigate the situation.
"The government is well aware of the situation and is not sitting still. We will take the necessary steps, including this special meeting," he said.
Cost of houses has ballooned
On housing problems, he said Prime Minister Najib Razak announced yesterday that a new scheme would be introduced that would enable the people to buy quality homes at affordable prices although the cost of houses had ballooned in certain areas.
Muhyiddin said the scheme, which would first be implemented in Kuala Lumpur and Selangor, would later be expanded nationwide.
"It is the same in other matters, we are also looking at public transportation. We are looking at all issues that affect the well-being of people so that they can be resolved.
"It is important for us to overcome these problems so that the people know the government is not only looking into them but is also taking bold measures in tackling them," he said.
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