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Trade4go
Apr 12th, 2024
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As Indonesia prepared for Ramadan on Mar-24, there's anticipation of a 2.88% year-on-year (YoY) inflation surge. This increase is due to heightened demand during Ramadan fasting, impacting various commodities, including red chilies. The Coordinating Minister for the Economy noted that inflationary pressures are forecasted to rise cyclically during Ramadan, with red chilies among the commodities experiencing price surges. Institute For Development of Economics and Finance (INDEF) highlighted potential inflation spikes in Mar-24 and Apr-24 due to Ramadan and Eid effects. Strategies to manage inflation include government interventions and monitoring.
On April 2, 2024, Jakarta, Indonesia, witnessed fluctuations in the prices of essential food items just a few days before Eid. The price of red chilies increased by USD 0.029 per kilogram (IDR 460/kg) in W14, to USD 2.74/kg (IDR 43,810/kg).
On April 1, 2024, there was a price decline of various vegetables and fruits in Egypt. Reports from market traders indicated a decrease in the prices of chili peppers to USD 0.63 per kilogram (EGP 30/kg).
Malaysia's Ministry of Domestic Trade and Consumer Affairs in Kuching, Sarawak, has deployed enforcement officers and monitors to oversee the Festive Season Maximum Price Scheme (SHMMP) for Hari Raya Puasa 2024. Operational from April 5 to 19, this scheme regulates prices of 18 essential goods, including red chilies, during the festive period. Traders are mandated to adhere to set prices, indicated by pink labels, to ensure fair pricing for consumers. Non-compliance may lead to fines or imprisonment. Recent inspections have resulted in fines and seizures, emphasizing enforcement efforts.
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