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Four staple foods to lead food price surge in Ramadan
The trade ministry has warned that loosened pandemic restrictions, the upcoming Ramadan and Idul Fitri festivities could result in rising demand for imported staple foods, while commodity prices in world markets continue to fluctuate due to the Russia-Ukraine conflict.
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Traders sell staple foods at a traditional market, in this undated photograph. (KONTAN/Fransiskus Simbolon)
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he Trade Ministry has identified four imported staple foods that are likely to lead a food price surge in Indonesia during the Ramadan and Idul Fitri festive period.
The Trade Ministry’s domestic trade director general, Oke Nurwan, said on Wednesday that wheat, sugar, beef and soybean prices had seen the sharpest year-on-year rise this year as a result of rising global commodity prices and supply chain disruptions, particularly following the Russia-Ukraine war.
Prices may go higher as loosened pandemic restrictions, the Idul Fitri festivities and the Ramadan fasting month in April, increase domestic food demand.
“The Trade Ministry will monitor international commodity prices and the geopolitical situation considering the Russia-Ukraine conflict, which has disrupted supplies, especially imported staple foods such as soybean and wheat,” he said at a hearing with House of Representatives Commission VI overseeing trade, industry and investment on Wednesday.
Read also: Oil, commodities surge amid selloff in global shares
Annual inflation stood at 2.64 percent last month, the highest since April 2020, on rising prices of chili, cooking oil, eggs, household fuel and gold jewelry, according to Statistics Indonesia (BPS).
Official data show that, on March 25, wheat prices reached US$399 per ton, up 93.6 percent from $188 per ton last year. The feeder cattle price on March 22 reached $4.28 per kilogram, up 72 percent year-on-year (yoy) from $2.49 per kg.
