PUTRAJAYA: The increases in prices of prepared food and drinks in restaurants and hotels are the main contributors to inflation, said Economy Minister Rafizi Ramli.
He, however, said the public could help to keep prices under control by becoming more "price aware".
Rafizi said while the inflation rate had eased, it was not reflective of the charges paid by consumers, especially for prepared food in restaurants.
"The government has taken several measures, including subsidising the prices of chicken and eggs, spending about RM2 billion to control the prices.
"However, we have yet to see (the reduction in food prices) happening. It is important for us to do something about the price of prepared food because this is the main component that is driving inflation.
"We can put a lid on it, but it is something that requires price awareness from the public," he said at a press conference on the December 2022 Consumer Price Index at Menara Prisma.
He said he wanted to ensure that the public had the best value and also encouraged healthy competition among businesses.
Rafizi hoped that more people would use the open data available from the Department of Statistics Malaysia (DOSM) to monitor the prices of goods in the market.
With this data, he said, the public could be more aware of the prices paid versus the actual cost of the goods.
He also said if the public understood that the prices of goods fluctuated, they would become more selective in their consumer behaviour.
"This (becoming price aware) is a component of price control. It's not just about setting a ceiling price or providing subsidies.
"When we have fair price awareness, and consumers are more selective, that's when retailers will start to react (and reduce their prices)."
The open data platform, OpenDOSM Next Gen, has a list of 28 million item price data, which will be updated every day.
"We need the help and cooperation of the public to ensure that these data will be used by them to be more aware of the fluctuations in the prices of goods, and not rely solely on the government to monitor the prices on a macro scale.
"It is also the joint responsibility of all to ensure the decrease or stabilisation of inflation rates. Otherwise, any effort or interference by the government involving the allocation of billions (of ringgit will go to waste), because while the prices are being controlled, the amount paid by the public does not change.
"As a result, the prices of goods will remain high and continue to burden consumers."
He said the government could not regulate every little thing, referring to the prices of certain food and drink items.
"It's impossible. The permutations necessary to control all prices are beyond any government's capability."
Last Friday, DOSM announced that Malaysia's inflation rate had eased to 3.8 per cent year-on-year in December last year compared with four per cent in November the same year.