KUCHING, Nov 1: Sarawakian households should brace for even steeper hikes in the cost of living as current indicators are suggesting a potential further depreciation of the ringgit, which may slide further from RM4.70 to RM5 per US dollar by January 2024.
Political pundit Dato Peter Minos opined the weakening ringgit is likely to trigger price surges for various goods due to increased import costs, which would affect Sarawak’s substantial reliance on imports.
This, he addrd, will add to the cost of living pain for a majority of consumers.
“The cost of living is already spiralling upwards, never downwards. Everything is expensive, from the most basic staple of rice, cooking oil, sugar, chicken, flour, fish and all other necessities. My weekly budget of RM200 is already not enough.
“In 2020, I recall one kilogramme of ‘kembong’ fish was about RM6 but now it has been inflated to RM14 to RM16 depending on size and quality. Even ‘rumeh’ fish, sotong and seafood products are expensive,” he said in a statement today.
Admitting that he might have to take measures to reduce spending, the Kota Samarahan Municipal Council (MPKS) chairman, expressed deep concern for those already grappling and struggling with the strain of soaring costs.
He painted a bleak picture, especially for a typical family in a village with three young children and a monthly household income of RM1,500 per month, for whom the already bad situation will be aggravated.
“It will be tough and even tougher for families in the urban areas. It will also impact fixed-income pensioners and the most vulnerable segments of our society,” he said.
According to Minos, while Bank Negara and the Treasury foresee market stabilisation that will improve the situation, he remains skeptical as he expressed apprehension that the “happy signs” or optimistic indicators cannot be seen in the immediate future. — DayakDaily
