Malaysians told to keep calm as rice prices spike, avoid hoarding: ‘don’t panic buy’

Malaysia imports about 38 per cent of its rice and is now grappling with low supplies after India’s curbs on sales cut global supplies by a fifth

There isn’t currently a rice shortage, the food security minister said, but consumers’ large-scale switch to cheaper local grains is becoming an issue

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A worker shows grains of imported Indian white rice during the polishing process at a warehouse in Selangor. Malaysia says it will limit retail purchases and boost enforcement to prevent locally produced rice being sold as the more expensive imported grain, as the fallout from India’s export curbs continue to upend the market. Photo: Bloomberg

Published: 10:20am, 3 Oct 2023Updated: 1:20pm, 3 Oct 2023

Malaysia has urged people not to hoard rice after recent panic buying led to empty shelves in supermarkets and grocery stores nationwide, with Prime Minister Anwar Ibrahim threatening legal action against anyone found stockpiling.

“If anyone dares to take advantage when people are struggling to find rice … you hoard, we will find you, sue you, and take you to court,” Anwar said at a rally late on Monday.

Agriculture and Food Security Minister Mohamad Sabu said earlier in the day that the government will increase distribution to rural areas to address a supply issue sparked by an increase in the price of imported rice. Malaysia and many countries are grappling with rising rice prices and low supplies after India’s curbs on rice sales cut global supplies by a fifth.

I want to remind the people again to keep calm and just buy what you need. Don’t panic buy

Malaysia’s Agriculture and Food Security Minister Mohamad Sabu

Mohamad said Malaysia’s locally produced rice is capped at 2.60 ringgit per kilogram, the cheapest in the region. So when sole importer Padiberas Nasional Berhad raised the price of imported white rice by 36 per cent on September 1, it prompted many Malaysians to switch from imported rice to cheaper local rice.

Malaysia, a country of more than 32 million people, imports about 38 per cent of its rice needs and held talks with India last week on lifting export restrictions.

The minister said the higher price of imported rice cannot be helped after 19 countries, including India, restricted rice exports to cater for domestic needs.

“Actually, we don’t have a shortage of rice in the country. It’s just that the price of imported rice has risen sharply … Many people have shifted to buying cheaper local rice,” he said, adding that the government is taking steps to address the issue.