PUTRAJAYA (Dec 23): The government intends to increase accessibility of data on the prices of goods and services collected by the Department of Statistics Malaysia (DOSM) to consumers as part of its bid to tame inflation, said Economy Minister Rafizi Ramli.

“We hope to work with consumers to inculcate fair price accountability, which means that consumers become more sensitive to price increases, to go for substitution or to switch options. You can still go for the same Nasi Ayam [you used to], but most probably there are other Nasi Ayam that are priced better within a certain vicinity.

“As it is now, because consumption behaviour is not elastic, you are at the mercy of the merchants. They raise prices (yet) you still go there when there are actually substitutes, similar products,” he told a press briefing after the release of November's inflation data on Friday.

Hence, Rafizi urged the public to approach his ministry on ideas to use these data to provide consumers with better transparency in the prices of goods and services, before they spend.

“We can never compete with the public’s own initiatives — they know better about what to do, and exactly how to get people to use it. What we can assist is by working with them, to give them access to all the data they never had. For free. I haven’t asked, but [I think] it is for free. After all, it is data about (prices of) roti canai, for example in Segamat. I don't think we would want to sell that.

“So, let it be as part and parcel of social enterprise from the public, (and) we see how we can support them. For the time being, we want to get buying decisions by the public to be more centred on price considerations. As it is, it is not, that is why it [consumption behaviour] is not elastic,” he said.

Rafizi is of the view that facilitating free-flow of price information would help reflect actual consumer appetite towards a particular price level of goods and services.

Higher elasticity in consumer spending would also help to keep merchants from raising prices rampantly as their customers will be better informed about the availability of substitutes, said the Pandan MP.

Rafizi plans to make further announcements on such an initiative in the coming weeks and hopes to develop, within a month and in collaboration with the public, a platform that keeps consumers better informed about prices.

He is also committed to conducting monthly media briefings on the country's inflation, in conjunction with the release of the consumer price index data, to ensure prompt communication between the government and the public about inflationary pressure.