Stop panic-buying, says consumer group
Malaysians are swarming supermarkets to buy essential food items, over fears of a possible lockdown. Fomca is urging a stop to this, saying that panic-buying causes prices to increase substantially, as it causes suppliers to increase prices to make excessive profits. – The Malaysian Insight pic by Seth Akmal, March 16, 2020.
“Secondly, panic-buying causes prices to increase substantially, as it causes the suppliers to increase prices to make excessive profits,” said its president Dr. Marimuthu Nadason. “In fact, according to one report, in Malaysia, hoarding has driven a 800% increase in weekly sales of hand sanitisers.” The Malaysian Insight’s own survey found that stores in Kuala Lumpur and Penang were already running low on items such as rice, powdered milk, toilet rolls and diapers.
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