THE retail price of a 10kg bag of rice will increase by at least RM1 next month, a hypermarket owner said.

Mydin hypermarket managing director Ameer Ali Mydin told Free Malaysia Today that this was on top of last month’s price hike of between RM1 and RM2 per bag for several types of rice, including imported white rice.

“We have been told by suppliers that there is going to be a further increase of between RM1 to RM2 per 10kg bag, he said

Ameer said this was due to the weakening of the ringgit as well as other hikes in costs, including for electricity and labour.

He, however, said not all suppliers are hiking their prices.

Ameer said suppliers have already started selling local white rice, the 5% “Super Special Tempatan”, at RM12.80, up from RM12.50 per 5kg bag, slashing the profits of retailers.

“Primarily the cost for us has also gone up from RM12.50 per 5kg bag to RM12.80 per 5kg bag, but we need to sell at RM13,” he said.

Supplies are expected to stabilise by September, he said.

Malaysian Indian Restaurant Owners Association (Primas) president J Suresh warned that restaurant owners will increase their prices due to the increase of imported rice and the rising cost of raw ingredients.

Following the price hike, the Menu Rahmah which offers meals below RM5 could end.

Suresh said the low-priced menu required restaurateurs to absorb certain costs, which they can only manage to do for one more month. –  June 23, 2023.