Ramadan price hikes expected

by | Mar 25, 2023 | Business, LOCAL, NATIONAL, NEWS | 0 comments

Traders agree that there is a stable supply of essential food items for the fasting month of Ramadan but prices are expected to keep increasing due to high demand especially with regards to the supply of beef.

Prices of beef have gone up by 15 percent to 35 percent since last month. Before the fasting month of Ramadan, the beef prices increased from RM1 to RM1.50 every week depending on the part of the beef.

Beef tenderloin is expensive and in high demand during the fasting month of Ramadan at RM52 per kilogram. Moreover, imported beef prices increased by 15 percent to 20 percent and local beef prices by 30 percent to 35 percent.

Traders state that although Muslims are excited about celebrating Hari Raya again, the inflation level and higher food prices have dampened celebrations and consumers are generally more cautious now

While beef prices are the focus, other food items have also increased in prices and regular buyers of beef say their spending on beef used to cost RM 200 to RM300 for a week but has now risen to RM350 or more.

Other food supply items including vegetables, fish, mutton have also witnessed an increase in prices and consumer associations are advising people to be cautious when shopping for groceries and to exercise prudence.