THE prices of ingredients have been going up since 2020, Mydin Mohamed Holdings Bhd managing director Ameer Ali Mydin said.

Mydin is the largest wholesale and retail chain in Malaysia.

He said the prices of raw ingredients have risen between 10 and 15% in the last few years.

“The price of chicken has not dropped. There is a shortage of eggs. As for meat, the prices have been rising for a long time. The prices of flour and sugar are stable but not going down,” he was quoted as saying by Malay-language daily Sinar Harian.

Ameer was commenting on Economy Minister Rafizi Ramli’s recent censure of restaurant and food stall owners for refusing to lower their prices even though the prices of ingredients have dropped.

Those in the food sector have derided Rafizi for making false claims.

They told the Malaysian Insight the prices of raw ingredients have remained largely unchanged and even risen in some cases.

Ameer said the minister needs to name the items which prices have dropped.

Ameer said cooking oil cost the same while the prices of vegetables are dictated by supply and demand.

He said the prices of some food items and international brand ingredients are expected to increase by about 5% next month.

This is because retailers are facing a hike in operating costs due to the cancellation of electricity tariff subsidies, new overtime payment regulations for employees and a lack of manpower. – January 25, 2023.