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Fruitnet.com Staff

BY FRUITNET.COM STAFF

Thursday 13th November 2008, 09:34 Hong Kong

Malaysia urges hypermarket price cuts

Malaysia’s deputy prime minister has called on hypermarkets across the country to lower prices

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Several hypermarket chains in Malaysia have already cut prices on over 1,000 items, including rice, cooking oil and dairy products, according to Channel NewsAsia.

The government has also cut the cost of fuel three times in the last few months in response to falling oil prices.

A 7bn ringgit (US$1.94bn) stimulus package was announced recently by the government in order to spur the economy.

Mr Najib said the country may have a slowing economy, but Malaysia would be able to avoid a recession.

“We have revised our growth rates for next year to about 3.5 per cent. As I've said, if our projects go on the ground, barring something unforeseen, we should be able to achieve our macro targets,” he stated.

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