He also announced that two committees had already been established under the council to look into the matter.

In a statement today, the former prime minister said the country would likely see inflation worsen over the next few months because of the rise in the producer price index for local goods.

“The people, who have just begun to breathe a sigh of relief after economic sectors reopened, are now burdened with the issue of the rising prices of goods,” he said.

“I am of the view that a Cabinet committee must be set up to address the issue of rising prices of goods and services,” he said.

To address manpower shortages in various sectors and liquidity problems among small businesses, he said NRC had set up “Special Action Committees” to examine both issues, present a report and propose solutions.

The committee dedicated to manpower would be led by the human resources ministry and include a number of government agencies, while the committee in charge of small business liquidity would be helmed by the entrepreneur development and cooperatives ministry.

Muhyiddin also hoped that government agencies would step up enforcement to ensure producers, suppliers and traders did not take advantage by raising prices unreasonably.

Strict legal action must be taken under the Control of Supplies Act 1961 and the Price Control and Anti-Profiteering Act 2011, he added.

In his capacity as Perikatan Nasional chairman, Muhyiddin announced that the coalition would be opening stores that would sell daily necessities at a cheap price, dubbed “Gerai Prihatin Rakyat”.

“Bersatu vice-president Ronald Kiandee, who is also the agriculture and food industries minister, has been tasked with leading the committee to organise the Gerai Prihatin Rakyat programme.”