Food prices may soon climb even higher if reports that the government will get rid of subsidy for cooking oil are true, the Federation of Malaysian Consumer Associations (Fomca) warns.

However, its deputy president Mohd Yusof Abdul Rahman hoped the Ministry of Domestic Trade, Cooperatives and Consumer Affairs would monitor food prices to prevent profiteering.

"We expect a food price hike, we hope that the ministry will take action as per the Anti-Profiteering Act, if traders use the opportunity to increase prices indiscriminately," he told Malaysiakini.