August 14, 2007

Beef prices in Malaysia to hike by 20 percent

Frozen beef prices are seen to increase by 20 percent in Malaysia with the approaching of Ramadan festival. Currently, consumers are paying RM9 (US$2.59) per kilogramme, up from RM7 (US$2.01).

According to meat traders, the increase is due to a lack of stock.

Trader Zulkifli Tarseh, 42, says India -- Malaysia's main source of beef -- has not met the country's halal requirements.

Tarseh, who has been in business at the Pudu market for more than 10 years, said he was worried about meeting the demand for Ramadan, which begins next month. He said demand may increase to as much as fifty percent this year.

The cities of Chow Kit, Pudu, Selayang and Petaling Jaya markets revealed that all of them had already increased the prices.

US$1 = 3.47 Malaysian Ringgit (as of August 14, 2007)