KUALA LUMPUR, July 9 — Food prices are projected to increase further in the third quarter of 2023 due to Malaysia’s reliance on imports for ingredients and the weak ringgit against the US dollar, several industry players have predicted.
Nivas predicted price increases for consumers at 20 per cent starting from the third quarter this year with higher import prices. “This includes the minimum wage hike, the increase in utility bills, and others. When the cost of running a business goes up, certainly it will increase the cost of production and ultimately the cost of goods to the consumer,” he was quoted as saying.r today reported several industry players saying that the commercial packs of 50kg sugar could increase by some 20 per cent or more soon, which could jack up the prices of confectionaries and baked goods.
According to Teoh, suppliers have only verbally spoken of plans for the sugar price hike and that final pricing details will be provided later.also reported Deputy Domestic Trade and Cost of Living Minister Senator Fuziah Salleh saying that any increase in sugar prices will not affect the government-controlled retail prices for coarse sugar and refined white sugar, dubbed “gula rakyat” as it is used by the public.Malaysians with a sweet tooth could possibly be the first to be affected.
“With every kilogramme of sugar they produce, they are doing so at a loss, but the government is still maintaining the ceiling price due to the current high cost of living situation,” she was quoted as saying.