Vegetables, meat, seafood, canned and spices are all going up in price!
With the price of commodities rising, the devaluation of the Malaysian dollar, the increase in freight rates and the lack of manpower, prices of everyday food in the country are all brewing. Next year’s Lunar New Year may have to eat expensive meat and expensive vegetables.
Our vegetables are divided into local and imported vegetables, with cauliflower, beans, peppers and leafy vegetables all soaring. Local vegetables are affected by the Northeast monsoon and lack of manpower to increase prices. As for imported vegetables, they are affected by the increase in freight costs, with cauliflower, carrots and cabbage prices doubling and soaring.
More than 60% of our seafood depends on imports, and the price of imported seafood continues to rise due to the increase in freight costs, weather factors and lack of manpower. I’m afraid I’ll have to eat expensive fish for the Lunar New Year.
In addition, the price of our broilers is also increasing, currently selling at RM9.50 to RM10 per kilo, and may soar to RM11 in the future. the price of broilers is also soaring mainly due to the increase in the price of imported feed.
Canned goods and seasonings in our market are locally produced, but most of the raw materials are dependent on imports, so seasonings and canned goods are also increasing in price.
The general expectation is that our inflation will rise further next year, which will force the National Bank to raise interest rates in the second quarter.
