DEOpinion 'Inflation may sound innocuous but it has plagued Sabah for decades. It is one of Sabah’s worst economic woes, especially for poor Sabahans.' - Datuk John Lo
. Inflation, in its simplest form, is increase in price over a period of time. Whereas deflation is the opposite.
Prices shot up during the MCO, then spiralled further when the Russian/Ukraine war started. Inflation is very bad now as USA kept on increasing its interest rate to rein in inflation. Prices of everything have gone up by as much as 40pc, some as much as 100pc or more. Federal Government’s most glaring weakness here is that it has over emphasized the “populist” easy way-out, subsidies, low-cost labour approach for years, nothing or very weak on attempts to restructuring the economy on increasing productivity, hard work, and innovation.
Same with fertilizer which are 99pc imported as Sabah does not produce potash, nitrate and potassium. I stand corrected on this. Being able to organise these items will mean 2 things. [i] Food prices can come down. Just the logistic cost of importing these items can be substantial savings. [ii] Sabah can be transformed into the food basket for Malaysia and a major food exporter to China. Rationalize monopolies and sort our underperforming GLCs.
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