June 23, 2022

Malaysia scraps ceiling price control for chicken and eggs

Datuk Seri Alexander Nanta Linggi, Malaysia's Domestic Trade and Consumer Affairs (KPDNHEP) Minister, said the country will discontinue the ceiling price control for chicken and eggs from July 1, to ensure that supply of food was more stable and that prices were stabilised over the long term, Bernama reported.

He said chicken prices will fluctuate and be determined by market factors. Targeted financial aid will be provided to the needy, noting that the Ministry of Finance would disclose more information in the future.

The current ceiling price for chicken is MYR 8.90 (~US$2.02; MYR 1 = US$0.23) per kg for standard chicken and MYR 9.90 (~US$2.25) per kg for whole chicken slaughtered.

Players in the poultry industry reportedly gave their assurance that chicken prices wouldn't rise significantly.

Nanta said the business community has pledged to work with the government to guarantee that consumers can obtain supplies of necessities, particularly chicken, at fair and stable prices.

However, he emphasised that KPDNHEP would take action in accordance with the current rules against anyone who seizes the chance to artificially raise the price of goods.

If anyone breaks profiteering laws, the ministry won't hesitate to take action, he declared.

-      Bernama