10% Drop In Cooking Oil Price?

Special inflation task force aims 10pc drop in price of cooking oil, says its chairman Annuar Musa who hope industry players could help in this task

10% Drop In Cooking Oil Price?

The Special Task Force on Jihad Against Inflation is targeting a 10 per cent decrease in the price of cooking oil within the next two weeks following the drop in palm oil prices.

Its chairman Tan Sri Annuar Musa says he hoped that the industry including manufacturers would work together to reduce the price of cooking oil during the period.

Inflation stable

MIDF says the overall inflationary pressure in Malaysia will remain stable particularly with the receding global commodity prices.

Malaysia’s palm oil price has been trending downward below RM4,000 per tonne mark since early Jul-22.

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The commodity price has been hovering above RM6,000 during Mar-22 until May-22. In fact, its new peak hit on 29th Apr-22 at RM7,194 per tonne.

"With the decline in CPO price, we shall expect less pressure on food inflation in 2HCY22.

"In addition, we foresee better food supply globally and domestically would ease food price pressure in the second half of this year.

"Hence, we maintain our headline CPI at +2.8% for this year, within the BNM’s inflation forecast range +2.3~3.3%," says the analyst firm.