“We have to explain to customers that the prices of raw materials have increased, so if we don’t increase our prices, how are we going to run our business?”

oh i love the invisible hand

BNM's forecasted inflation rate is between 2.8-3.8% by BNM for FY2023, which is really LOW! Interest rate in Malaysia is also rather stable, only 1 rate hike in 2023 thus far and is in fact lower than pre-covid levels at this point in time. Petrol prices have almost come down to pre-covid levels.

From policy perspective, Rafizi is right in cancelling direct subsidies. Just listen to the tone - private businesses view removal of subsidies as an increase in cost of doing business? And when customers refuse to eat their food, they want to gaslight people into thinking it's more expensive to run, and that menu rahmah is CSR somehow? Menu Rahmah is actually a form of loss leader from commercial perspective but ok...

Other industries are in arguably more precarious position, and yet time and time again it's always F&B owners that feel like they deserve people's cold hard cash more than the others. People will always vote with their wallet in tough times. and their wallet will not vote for complacency. The better move moving forward is to streamline and clarify their operations and looking at ways to attract customers, not offer the same service over and over again and talk as if something has been taken from them. they have the scale and by right they could amortise their operating cost better than anyone.

It will take at least a couple of decades for private businesses that historically rely on tongkat policies to survive to realise their future is in their hands and they can't expect handouts at tax payer's expense. I hope Rafizi will persevere and achieve whatever economic reform he had in mind.