As such, the agriculture and food industries ministry is working with the domestic trade and consumer affairs ministry to manage the recent increase in prices for food items such as chicken, eggs and vegetables.

Deputy agriculture and food industries minister Che Abdullah Mat Nawi said they acknowledged that the people were facing price hikes in food items.

He warned businessmen against profiteering or manipulating prices during this festive season.

Che Abdullah said there was adequate beef supply for Ramadan and Hari Raya Aidilfitri. He said 36,000 tonnes would be made available and this includes 27,000 tonnes of imported meat and 9,000 tonnes of fresh local beef.

Earlier today, former prime minister Najib Razak had expressed concern over the rising prices of basic goods, saying Malaysia’s economy may be experiencing “stagflation”.

Describing stagflation as “persistent high inflation combined with high unemployment and stagnant demand,” he said this was an undesirable situation for any country.

He said it was normal for the cost of goods to rise whenever a major festive period was around the corner, but the recent spike in prices was unparalleled.