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Kuala Lumpur: The Domestic Trade, Cooperatives and Consumerism Ministry (KPDNKK) will launch the price reduction programme nationwide on March 1.Minister Datuk Seri Hasan Malek said this followed his meeting with hypermarket operators, wholesalers, traders, retailers, restaurant operators and food and beverage manufacturers last week.

"They have agreed to reduce the price of goods by between 10 and 20 per cent. I thank everyone who responded to the Government's call. This is a result of our cooperation," he said after launching the Corporate Integrity Pledge (CIP) with the Malaysian Anti-Corruption Commission (MACC) in Petaling Jaya, Monday.

Industry players who will participate in the price reduction programme include hypermarket chains Mydin, Aeon and Tesco, NSK Supermarket and Nestle.

The price reduction programme can help the consumers to buy goods that are cheap, of high quality and to avoid goods that are expensive. Meanwhile, Hasan said nine traders were compounded RM1,000 for contravening rules under the Price Control Scheme for Chinese New Year.

"The nine traders did not display pink price tags, an offence which allows for compound on the spot.

"Of the nine traders, five were from Pahang and four were from Kuala Lumpur," he added. A total of 4,836 business premises nationwide have been inspected since the price control scheme was launched three days ago.