Undeniably, Malaysians have been feeling the pinch in their everyday budgets. Cost-push inflation around the globe due to the COVID-19 pandemic has further heightened the costs of living in Malaysia. However, the issue of high cost of living has been an ongoing debate, with much discussion surrounding the repercussions and sources.
On 27 November 2022, Prime Minister Datuk Seri Anwar Ibrahim chaired the 2022 National Action Council on Cost of Living (NACCOL) Special Meeting, which was attended by government ministries and agencies. The meeting was aimed to discuss the urgent need to address the pertaining issue.
As such, concerns regarding the rising cost of living are generally influenced by several factors. These include:
- Challenges of salaries and wages; and
- Dependence on imported food.