The world is experiencing severe inflation, and our inflation rate soared to 2.8% in May. The prices of all daily necessities in the country have gone up and up, leaving the lower income groups breathless.
According to the Malaysian Furniture Association, the cost of raw materials for furniture has risen by 10 to 40 per cent, so furniture prices are set to increase by an average of 20 per cent. Raw materials such as hardware, wood, sponges and fabrics are all increasing in price every month and furniture manufacturers are being forced to increase the prices of their furniture.
The Federation of Malaysian Stationery and Book Industry also pointed out that the increase in freight and postage costs, the continued weakening of the Malaysian currency and the implementation of the RM1,500 minimum wage by the government have led to an increase in stationery prices by about 5%.
The Malaysian Printers Association also said that paper has been revised upwards by 25% to 30% since 2020 and that paper will continue to rise next month.
