The Social Impacts of Increased Fuel Prices

A small increase in petrol prices has a significant impact on transport costs.

WACOSS concerned that these costs would be passed on to consumers. Increased food costs would result in a range of poor social outcomes including:

a. poor health outcomes associated with inadequate and/or poor quality diet; people

b. sacrificing other essentials such as housing in order to put food on the table

c. which in turn often results in detrimental outcomes in a number of areas including

d. health, employment and education; and children being unable to achieve their

e. educational potential as a result of an inadequate diet.

Read more at:

http://www.wacoss.org.au/Libraries/P_A_Essential_Services_Transport/
WACOSS_Speech_on_The_Social_Impacts_of_Increased_Fuel_
Prices.sflb.ashx

Government to monitor effect of rising cost of living

KUALA LUMPUR, Dec 31 — The government will, from time to time, implement suitable initiatives under the Cost of Living National Key Result Area (NKRA) to cushion the effects of increases in the prices of goods and the rise in the cost of living.

Deputy Prime Minister Tan Sri Muhyiddin Yassin, in his New Year message, said the effect of the increase in the prices of goods on the cost of living would continue to be monitored to ensure the people's well-being is not affected.

“The government listens to the woes of the people with great concern. As such, it will implement steps to reduce the burden of the cost of living which are mostly contained in the Barisan Nasional (BN) Manifesto during the 13^th general election and 2014 Budget tabled by the Prime Minister,” he said.

Muhyiddin said among the initiatives taken to reduce the burden of the people included expanding the 1Malaysia People's Aid (BR1M), RM100 schooling aid for each student, abolishing school fees, food aid and textbook loans.

In addition, school bus insurance, 1Malaysia Book Voucher, opening of more farmers' markets, 1Malaysia People's Shop (KR1M) other than direct from factory sales to ensure reasonable prices for food products and basic necessities, and other aid to ease the burden of cost of living of the people would also be continued, he said.

“These measures clearly show that the government is always concerned about the well-being of the people and always gives priority to programmes to ease the burden from the cost of living,” said Muhyiddin who is also Education Minister.

He stressed that all the measures implemented were to ensure that the nation achieved a developed nation status with high income, with the people enjoying a better quality of life.

Touching on the rationalisation measures implemented by the government, Muhyiddin said it was implemented with care and in stages to ensure a minimum impact and did not burden the people, especially the low-income group.

“The savings as a result of the subsidy rationalisation moves indirectly will be returned to the people especially the target group so that the effect of the increase in the cost of living can be offset.

“This approach is to support continuous economic growth and at the same time ensure the well-being of the people is not affected,” he clarified.

Muhyiddin, in the meantime, also lauded the announcement of Prime Minister Datuk Seri Najib Tun Razak on the 11 steps to reduce government expenditure, including cutting the entertainment allowances of ministers and deputy ministers by 10 per cent.

“I believe the cost cutting moves of the public sector announced by the Prime Minister yesterday was timely,” he said.

He said when the people were burdened by the increase in the cost of living, it was apt the leadership and the highest management of the public sector also made some sacrifices.

“The proceeds from the cost cuttings by the government through the reduction of entertainment allowances and other facilities enjoyed previously can be channelled to the needy.

“I also believe the public sector's cost cutting measures can ensure prudent spending is more efficiently practised by the public sector, and in avoiding leakages,” he said.

Muhyiddin said the government also hoped the people could together with the government weather the challenge of the increase in the cost of living and would not be easily trapped by the instigations of certain quarters to go to the streets to protest against the prices of goods and seek to topple the government in an undemocratic manner.

“Although, it will feel a bit burdensome in the short term, it will be more beneficial and sustainable in the future.

“Going down to the streets is not the way to solve problems, on the other hand it will give rise to chaos and worsen the situation,” he said.

He also believed the problem could be resolved when the people and the government stood shoulder to shoulder to weather the challenges and find a solution together.

“In this spirit, the government lauds any view and suggestion from the people which can help the government carry out more comprehensive measures to boost the well-being of the people in an uncertain global economy,” he said.

Muhyiddin also took the opportunity to wish Malaysians Happy New Year 2014 and hoped it would bring a ray of hope to all. — Bernama

See more at: http://www.themalaymailonline.com/malaysia/article/government-to-monitor-effect-of-rising-cost-of-living-says-muhyiddin#sthash.qEteFqFf.dpuf

Cost of Living in Malaysia Prices in Malaysia

Want to know about the living cost in Malaysia? Just visit the website below and you will be surprised that living cost in Malaysia is not LOW at all.. 

http://www.numbeo.com/cost-of-living/country_result.jsp?country=Malaysia

The Impact of Rising Food Prices

Abstract:

We know that consumers are feeling the pinch when it comes to their weekly shop. The cost of living is rising and food prices are one of the biggest concerns to UK consumers, second only  to energy prices.

People have told Which? that they are changing their shopping and cooking habits in response, with around a third (36 per cent) buying less food in general in the last twelve months. But there’s only so much they can cut back. Which? wants a more open debate and greater scrutiny of what is really driving the increasing cost of our food, to ensure UK consumers aren’t paying over the odds.This briefing gives the consumer perspective on prices, showing what the statistics mean for people on an everyday basis, the strategies that they are using to cope and their attitudes to how the supermarkets have been responding......

Read More at :

http://www.which.co.uk/documents/pdf/the-impact-of-rising-food-prices-which-report-259301.pdf

Malaysia – rising cost of living had lessened the feeling of being rich

PETALING JAYA — There may be more millionaires in Malaysia now than before but they may not necessarily be feeling rich.Besides the rising number of successful business owners, many high-salaried people are already millionaires based on the value of their assets and properties.

RAM Holdings BHD group Chief Economist Yeah Kim Leng said the term could also apply to those in the middle class who could have earned the amount but had spent it on necessities such as on costly children’s education and high property prices.

He said although a millionaire was measured by his or her disposable income, those who have made their millions would not have the same purchasing power compared to a decade ago, citing inflation as the main reason.

He said many in business had made their millions as a result of savvy investments and the growth of the industries that they were involved in, adding that overall, the rising affluence was due to sustained economic growth.

“We have seen a strong growth in certain sectors, including plantation, oil and gas and property, which have elevated entrepreneurs into the millionaire class,” he said.Billionaires, however, remain rare. Malaysia now has 30 billionaires, just three more from the 27 on the list last year.

The Wall Street Journal (WSJ) reported last year that Malaysia’s millionaires almost doubled over the previous 18 months.Citing a report by international financial firm Credit Suisse Group, it said Malaysia added 19,000 new millionaires since early 2010, bringing the total to 39,000 as of October.

The WSJ report attributed the rise to the weakening U.S. dollar and careful spending.

Dr. Yeah said those who invested their money wisely had benefited the most.

“In a free market and capitalist economy like Malaysia, people who have capital can generate millions,” he said, noting that many in the upper-income bracket had accumulated wealth past the million-ringgit mark.

Personal financial consultant Carol Yip said the rising cost of living had lessened the feeling of being rich.

“Today, even a small apartment can cost half a million,” she said.

She said careful spending was not a factor for the increase in the numbers of millionaires.“If we are spending less, we won’t be seeing so many luxury cars on the road,” she said.

She said the rise in millionaires was also due to property prices which have shot up exponentially, adding that the definition should not include the value of the house that one was living in.

“If you still have a million in hand after you convert the value of your other properties, investments and have paid of all your debts, then you are a millionaire,” she added.

Financial adviser Fred Wong said making a million was not a problem these days as long as people were willing to work hard, but being self-employed and investing wisely was the better route to riches. -The China Post

Read more at:

http://www.kualalumpurpost.net/malaysia-rising-cost-of-living-had-lessened-the-feeling-of-being-rich/

Book Vouchers 1 Malaysia

Finally, I get the book vouchers BB1M. Last year, I spent most of my book vouchers on books. But, this year, I think I have to spend it smartly. I have a list of stuffs that I want to buy- A4 Papers, Pens, Marker Pens, Toners, Notebooks and so on.

Due to the rising of living cost, I need to save my money for other purposes. I could not simply spend all the vouchers on books anymore. Instead, I have to spend part of them on the MUST-BUY stationery.

Well, the book vouchers really help me to save a lot as I don’t have to spend extra money on buying those stationery.