Weekly Product Updates

W14 Chili Pepper Update: Expected Inflation Surge in Indonesia, Impacting Red Chili Prices

Dried Whole Chili Pepper
Published Apr 12, 2024
In W14 in the chili pepper landscape, Indonesia anticipates a 2.88% YoY inflation surge due to Ramadan, impacting commodity prices like red chilies. Furthermore, INDEF predicts inflation spikes in Mar-24 and Apr-24 attributed to Ramadan and Eid effects. Meanwhile, Jakarta experienced price fluctuations, with red chili prices rising by USD 0.029/kg just before Eid. In Egypt, prices of vegetables, including chili peppers, declined to USD 0.63/kg on April 1. Malaysia's SHMMP for Hari Raya Puasa 2024 regulates prices of 18 essential goods, including red chilies, ensuring fair pricing and enforcement efforts through fines and seizures.

Indonesia Braces for Rising Prices in Ramadan, Impacting Red Chili Market

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.

Fluctuations in Food Prices in Jakarta, Indonesia

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).

Price Drop of Chili Peppers in Egypt

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).

Enforcement of Festive Season Maximum Price of Red Chilies for Hari Raya Puasa 2024 in Sarawak, Malaysia

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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