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Malaysians Brace for Costlier Sugar
- Tue, Aug 18 2009 11:50:54 AM
IANS
Kuala Lumpur, Aug 18: Malaysians, known for their sweet tooth, are bracing for high prices and low supply of sugar due to a production shortfall in India, the world's second largest producer.
Authorities promised to keep the prices stable and maintain sufficient supplies in the hypermarkets.
However, The Star newspaper said on Tuesday, the commodity is expected to be in short supply worldwide and this may keep the price high.
The price of raw sugar traded in the New York futures market has risen 86 percent, it noted.
Supplies continue to run low at many shops in the Klang Valley but stocks are starting to reappear in super and hypermarkets.
Other parts of Malaysia seem to be adequately stocked with sugar.
Authorities blame local sugar refineries for cutting back on production after over-producing in the first half of the year.
The newspaper said that consumers are heading for the hypermarkets and supermarkets to get their supply of sugar as most small shops and convenience stores are running low on stock.
Most major hypermarkets in the country were sufficiently stocked with the commodity for the festive season.
Malaysia will be observing Ramadan in the coming weeks, culminating in the Hariraya festival.
Malaysians are known for their preference for high sugar consumption and take it in various types of foods, sweets, colas and soft drinks.
A WHO survey recently placed them as among the world's high sugar consumers.