Amidst the excitement of Deepavali, food prices have drastically risen by 64% for many essential cooking ingredients, causing greater strife economically for many. With many Tamil Hindu families hailing from the B4O category, the increase in food prices has only added to their burden, especially during festival season, when many are anticipating celebrating with their families.
The Straits Times reports that cooking ingredients such as cardamom, fennel, and cumin seeds, rice, milk powder, ghee, curry powder, wheat flour, rice flour, chilli powder, cinnamon, tamarind, cooking oil, sago, gingerly oil, prayer oil, bru coffee, whole green grammeme, black grammeme, dried chilli, mee hoon, pulut rice, and condensed milk are just some of the long list of products that have been affected by this massive price increase. Along with the recent removal of chicken subsidies, the food inflation has only caused greater financial anxiety amongst economically vulnerable Malaysians.
P. Murugiah, President of the Penang Hindu Association, has shared that prices have increased exponentially between last year and this year. He explained that there were variable reasons for the cause of this, stating that the culmination of subsidy removal, supply shortages, and rising of foreign currency rates had all contributed to this situation.
The food inflation crisis is currently a rising global financial issue that has affected many across the globe. The price inflation of rice in particular has become a problem that many economically marginalised people face. The price of rice has significantly risen due to the 36% rise in the retail price of imported rice by Padiberas Nasional (Bernas). The price hike is also accelerated by local Malaysians, who panic buy and store food items, thus leading to an even greater increase in prices.
Source: News Straits Times, Free Malaysia Today, NIkkei Asia
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