PUTRAJAYA (Sept 17): The price of chicken in markets are starting to stabilise and it is a positive result of the engagement session with industry players, Domestic Trade and Consumer Affairs Minister Datuk Seri Alexander Nanta Linggi said.
He said the outcome of the engagement session with industry players, involving suppliers, chicken breeders and wholesalers, was so that they would not place any price pressure that would impact the retail price for consumers.
He said the mechanism to issue notification letters under the Price Control and Anti-Profiteering Act 2011 to businesses was a soft-approach that was fair and took into consideration the situation they faced, following the increase in chicken feed.
"The notification letters serve as a reminder and instruction to businesses at every level of the supply chain to review their prices and to make adjustments (as) to not impact the retail price for consumers at markets," he said in a statement today on the chicken price issue.
Nanta said the continuous rise in prices previously has stabilised thanks to the cooperation of suppliers and those involved in the marketing and supply chain of chicken.
According to him, 145 letters have been issued to traders at every distribution network to remind and inform them that there were no drastic increase in prices done by businesses currently.
Nanta said his ministry currently did not suggest implementing price control except during major festive seasons through the enforcement of the Festive Seasons Price Control Scheme Enforcement.
He however said that the ministry would not hesitate to implement deterrent enforcement by enforcing a permanent price control, if prices at every chicken distribution network continued to increase unreasonably.
“Our current action is to monitor and check that chicken prices are consistent to ensure that there are no price or profit manipulation by businesses under the control mechanism being enforced under the anti-profiteering law," he said.
According to him, 164 premises were checked by the ministry's enforcement teams throughout the country up until Sept 14, involving 166 types of chicken including live chickens, standard chickens and super chickens.
A total of 163 Goods Information Verification Notices (NPMB) were also issued to chicken traders inspected to obtain detailed information about operating costs and purchase costs, he said.
Nanta said till now there were no signs of cartel action detected in relation to the price hike, but the ministry, with the assistance of the Malaysian Competition Commission (myCC) will investigate the matter.
"The ministry understands the losses suffered by traders during the implementation of the Movement Control Order.
“Traders at every chicken supply chain, however, are reminded to not take drastic action by increasing prices to cover their losses. Middle men are also reminded not to take opportunity by pressuring businesses and consumers," he said.
Nanta said the ministry realises the issue of high chicken prices, as almost 80% of chicken feed is imported and rising prices globally have also affected the issue of chicken prices in the country.
He said the ministry would hold continuous discussions with the Agriculture and Food Industry Ministry (MAFI) to ensure the high costs issue, including imported chicken feed, prices of chicken breed and chicks that affect the price of chicken at the level of consumers were minimised and managed well.
Nanta said a meeting and discussion with MAFI and the Finance Ministry will be held to seek reasonable long term solutions that can be implemented to stablise chicken prices.
- Gap between VN gold price, global market price narrows
- Thanh Duc Chicken Farm to Supply 14 Million Price-Stabilized Eggs
- Iran says oil ban will not halt nuclear work
- Oil price recovery props up stocks
- Selloffs push market down further
- Is Vietnam falling into a bearish market?
- Market moves flat
- Inflation woes add to stock market gloom
- Fund to be created to stablise petrol prices
- New device to test dubious food at Hanoi's markets
- Markets, eateries relish Tet boom
- Steel stock prices on rise despite unsatisfied warnings
- Brokerages: Market rally extends into this week
- Saying no to plastics in Vietnam
- Price disparity motivates smugglers
- Brokerages: Stock market to enter correction phase this week
- Selling pressure seen piling up, brokers say
- Local market to see stronger competition
- BUSINESS NEWS IN BRIEF 21/2
- BUSINESS IN BRIEF 12/3
Market prices for chicken stablising, thanks to engagement session, says Nanta have 684 words, post on www.theedgemarkets.com at September 18, 2021. This is cached page on Business News. If you want remove this page, please contact us.