At a press conference, Rafizi said the policy paper would be tabled to the National Economic Action Council soon.

“By reducing or limiting APs and IPs, the government hopes that this will reduce the prices of goods, especially imported goods.

“This will directly strengthen the people’s purchasing power and reduce the effects of inflation,” he said.

Rafizi also said there was room to improve existing anti-monopoly regulations to ensure a more competitive market, which would lead to more competitive prices for goods and services.

In May 2022, the previous Ismail Sabri Yaakob government had announced the end of APs for food imports to ensure sufficient food supply. However, APs for rice imports remained in effect.

Ismail had said that Putrajaya was also looking into abolishing APs for imports in sectors other than food.

Rafizi said controlling inflation and increasing Malaysians’ purchasing power were critical components of the unity government’s Madani economic narrative.

“This approach will be implemented in an inclusive, effective and lasting way to ensure the people’s welfare.”

Meanwhile, Rafizi said the inflation rate in July dropped further to 2% from 2.4% in June, the lowest yet this year.

The economy minister pointed out that this was the ninth consecutive month that the inflation rate had declined, reiterating that this was among Putrajaya’s top priorities.