Price of chicken, eggs set to be floated again soon

KUALA LUMPUR: The date for prices of chicken and eggs to be floated in the market is expected to be announced during a press conference on Oct 30, says Agriculture and Food Security Minister Datuk Seri Mohamad Sabu.

He added discussions were being held with the stakeholders and industry players who are involved in production, with the team headed by the ministry’s secretary-general, to ensure prices remain at a reasonable rate after the announcement.

“The move to (float) the prices for the long term or short term will depend on the situation, but if possible, let the market decide the price. We, however, cannot guarantee the duration due to the global situation and drastic climate change,” he said at the pre-launch of the 2023 National-Level Farmers, Livestock Breeders and Fishermen Day Celebration yesterday, reported Bernama.

He said the press conference to announce the date would be jointly held by his ministry, the Finance Ministry, the Economy Ministry and the Department of Statistics Malaysia.

Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2024 last week, announced that the temporary price controls for eggs and chicken would be lifted as current trends indicated that the supply of both was now stable.

Anwar, who is also the Finance Minister, said the move would enable the local market to function freely by ensuring sufficient supply of both products.

Meanwhile, the proposal to float the prices of chicken and eggs should be done carefully to create a win-win situation for consumers, farmers and suppliers, said the Malaysian Federation of Hawkers and Petty Traders Association.

Its president, Datuk Seri Rosli Sulaiman, said this process should be monitored to prevent any parties from taking advantage of it and to ensure domestic supply meets demand.

“So, if we are going to float them again this time, we need to look at all aspects to see if it benefits everyone or just one party,” he told Bernama.

He added that the floating mechanism should be consistent to help traders control the prices of products sold to the public.

Rosli also suggested that the government hold dialogue sessions with local farmers’ associations first to get their views before proceeding with the removal of price controls.

Shah Alam and Klang Bumiputera Night Market Traders Association president Kamarul Nizam Razak said floating the prices of chicken and eggs is a good move because it at least ensures a continuous supply from producers.

“If it’s not floated, there is always a lack of stock, and it’s challenging to do business.

“So, even if there is a slight price increase after it’s floated, I think it can still be accepted by many as long as the overall supply is not adversely affected in the market,” he said.