A financial consultant, who wished to be known only as Mr Hiew YZ, told TODAY that he believes that the political changes in the last three years have a significant part to play in the depreciating ringgit.
Before Mr Anwar Ibrahim became prime minister following the 2022 general election, Malaysia had had three prime ministers in as many years.
“Our Prime Minister (Mr Anwar) has just held the position for a year. There’s still a lot of time until the next election, so hopefully, things will be better by then,” Mr Hiew said.
Retiree Chin AB, 76, said Malaysians should not “blame” Singaporeans for soaring prices because inflation is happening worldwide, not just in the country.
“Perhaps, yes, there will be some impact, but ultimately, Singaporeans coming over makes JB a livelier place,” he said.
WHAT DO BUSINESS OWNERS THINK?
TODAY’s interviews with several entrepreneurs found that while they had mixed views on Singapore’s impact on inflation in Johor, some did not think that the influx of Singaporeans is a significant reason behind rising prices.
Contrary to residents’ beliefs, some of these businesses were more concerned about domestic and external factors, such as the weakening ringgit, which has led to a spike in the cost of raw materials.
Triple K Cafe shop owner Keoh Teik Hoe, who serves beef noodles, said he gets his beef supply from Australia and New Zealand, and the suppliers trade in United States dollars.
Amid the continuing weakening of the ringgit this year, he told TODAY that beef prices had increased by 20 per cent this year. In October, the ringgit fell to a 25-year low against the US dollar.
Singaporeans make up 30 per cent of Mr Keoh’s customer base, while the rest are primarily locals and regular patrons.
“I cannot simply increase my prices. For now, I will still absorb the cost because I can still get by even with profits going down by 30 per cent.”
Mr Keoh was adamant in his belief that “it is not right” for business owners to adjust their prices “just because” Singaporeans can afford the higher prices.
“Then what about the locals? Yes, Singaporeans have higher spending power, but they are only here on weekends. The locals here can visit your business several times a week because they live here,” he said.
Third-generation owner of Hiap Joo Bakery, Mr Lim Toh Huei, 35, said the prices of bananas had shot up after the MCO, so the bakery had to change its banana bread prices from RM10 to RM12 last year.
“You can get 1kg of bananas for RM2.50 previously, but now it costs RM4.50 to RM5. The prices fluctuate, but since the last review, we don’t plan to change our pricing again for now. We can still bear the costs first,” he said.
Mr Lim, whose business is largely patronised by Singaporeans on weekends, said Johor Bahru is “definitely impacted” by Singaporeans pouring into the city.
“For businesses like mine, it’s good. But for the rest of us, it means we need to continue working hard to put food on the table.
“Now that times are tougher, I think it’s important for everyone, especially young adults, to come out and work to earn their keep because there’s no such thing as a free lunch in this world,” he said.
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2023-12-01 13:54:00Z
CBMikwFodHRwczovL3d3dy50b2RheW9ubGluZS5jb20vYmlnLXJlYWQvYmlnLXJlYWQtc3BvcmVhbnMtZmxvY2stYWNyb3NzLWNhdXNld2F5LXNlZWstcmVzcGl0ZS1yaXNpbmctY29zdHMtYXJlLXRoZXktaW5mbGljdGluZy1zYW1lLWpvaG9yLWJhaHJ1LTIzMTY0OTHSAQA
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