IT is a sad sign of the economic situation when whole chicken, chicken eggs and cooking oil are acquired and treasured as if they were blue-chip shares.
In the past week, since the Domestic Trade and Consumer Affairs Ministry announced that, come July 1, it would remove the ceiling price control for chicken and chicken eggs, and not continue subsidising bottled palm cooking oil, there has been a stampede for these consumables, especially cooking oil.
The cabinet yesterday U-turned on the chicken and eggs, instead raising ceiling prices.
But, nationwide, the shelves bearing palm cooking oil are close to empty, and even where available, buying limits are set and controlled by sellers to avert hoarding by customers.
The shortage is cynically expected to end at the stroke of midnight tonight when sellers will be able to set their own prices. Even so, food sellers are already bemoaning the paucity of affordable cooking oil, threatening to reuse yesterday's oil, and raise prices — all before the float has begun; before the real cost of anything can be realistically calculated.
The ministry says the move is to ensure that the supply of food in the market is more stable and prices are stabilised in the long run.
In its place would be a governmental plan for targeted financial aid for the needy. And it promises to take action if prices are increased "excessively". But, is the ministry going to keep track of whether the prices that are raised today go down when the prices have stabilised?
Has there ever been an instance when prices fell once they have gone up? Sellers never reduce prices when the circumstances change in their favour! Thus continues this endless cycle of consumers making a run for the supermarket shelves, hedging against the government's optimism.
Another problem also lies in the interpretation of "excessively", which is usually applied to expensive dishes being sold at even higher prices, not basic things like the price of Milo ais or teh tarik when they are raised 50 sen, and then raised again stealthily a few months later.
Letting market forces set the price works only when a small portion of the population is playing a fine balancing act with their budgets every day; when the lowest wage level is a living wage, not a minimum wage; and when the living wage is kept up with inflation.
And assuming that the financial aid does reach all the targeted needy people, will it be sufficient to keep them afloat in the long term? And as many M40 consumers have lamented, the financial aid is unlikely to consider them, even though they will suffer, too — particularly those on the M40-B40 borderline.
So, once again, consumers will have to tighten their belts and adjust their behaviour. Many are now resorting to eating home-cooked food — always a better option, provided that everyone knows how to prepare nutritious meals and can afford to buy nutritious produce.
Adjustments can only be made by those who still have margins to play with.
Employers could also help take off some of the burden from workers by having subsidised canteens and instituting flexible work arrangements, to either completely save on the cost of commuting to work or reduce the cost by travelling during off-peak hours. Every little bit helps.