The Star published a story about how they have increased the subsidy of sugar so it not will be a burden to the people.
The global price of sugar is skyrocketing. We have to pay RM567mil for sugar subsidy this year compared to RM262.4mil last year due to the higher prices – Datuk Seri Ismail Sabri Yaakob
Now i don’t really understand economics but it didn’t sound right, normally there would be lots of noise when something like this happened but i didn’t hear much till i read about and i found an article by Member of Parliament for Petaling Jaya Utara, Tony Pua who explained the situation which is a totally contrasting situation from what the The Domestic Trade, Cooperative and Consumerism Minister
Here’s what Tony Pua said :
What is extremely intriguing however, was that global sugar prices over the past 6 months since the last price hike in May 2011 had in fact declined significantly, and not the purported “skyrocket”.
In fact, after hitting a peak of US$29.47 per hundred pounds in July 2011, the price of sugar has fallen consistently every month – US$28.88 (August), US$26.64 (September), US$26.30 (October), US$24.52 (November) to US$23.42 (December) per hundred pounds. This meant that global sugar prices traded on the Sugar, Free Market, Coffee Sugar and Cocoa Exchange (CSCE) has fallen by 20.5% since July last year.
Read the rest of Pua’s article
How about that! I’m no expert but for my health’s sake im going to reduce my consumption of Sugar and for the sake of my vote, i need to find out who is taking us for a ride.