Monday, January 30, 2023

Rafizi denies advising people to boycott businesses, emphasizes elasticity in demand and supply

NewsRafizi denies advising people to boycott businesses, emphasizes elasticity in demand and...

Economic affairs minister Rafizi Ramli has denied claims that he had advised people to boycott businesses to help curb price hikes brought on by inflation.

This came after Rafizi advised consumers to be more conscious of prices when purchasing items and avoid buying from businesses that set exorbitant prices for their goods.

In a Twitter thread, Rafizi explained that rational people would eventually understand his message and its implications.

“I’m not afraid of opinions from the public. Insya-Allah (God-willing), rational people will understand and follow through. In a month’s time, the PN gang will keep quiet after witnessing the results,” he said.

“This is similar to when they question other controversies… we have produced all the arguments, and people who are smart will understand,” he said.

It requires both parties to work

Meanwhile, Rafizi said that his focus was on having ‘price elasticity’ as a mechanism to control the cost of goods, which requires a collective effort from consumers.

“I was talking about the need to spur elasticity in the supply chain as a price control mechanism,” Rafizi said.

“There is a lot of price data that can be used by the people. We will begin with this one. Insya-Allah, we will gradually restore the power of the consumers.”

Rafizi also revealed that his ministry is working on some medium and long-term measures to fix the ecosystem and among them are:

  • Stop monopolies to improve the supply chain
  • Introducing price control measures without disrupting the continuity of supply
  • High-scale investment

Earlier, Rafizi advised consumers to do their part by buying cheaper goods to drive down prices.

While he urged the people to opt for cheaper options to send a message to traders, he said the ministry will be resolving issues on the supply side too.

Trending now

- Advertisement -

Subscribe to our newsletter!

Recommended for you