Press Statement by Lim Kit Siang, DAP Secretary-General and MP for Bandar Melaka on 9 August 1973:
The Finance Minister, Tun Tan Siew Sin, said yesterday that one of the major causes of inflation can be traced to some importers making profits of 100 per cent or more, because of their monopolistic and price-fixing practices.
For the past few months, the Alliance leaders, including the Prime Minister, Tun Abdul Razak, had put the blame on the shop-keepers and have even advocated a boycott of retail shops.
The DAP, however, had consistently pointed out that the root problem is not the shopkeepers although there may be some hoarding and profiteering but the prices fixed at source either by the manufacturers, the wholesalers or the importers.
We are glad that the Finance Minister, Tun Tan Siew Sin, has at last realised this, and has given instances of how despite the devaluation of British and American currencies, the prices of British and American imports have not gone down correspondingly. On the contrary, their prices have gone up instead. Continue reading DAP calls for effective government action to arrest price inflation in Malaysia