Kubernetes ingress response caching – Nginx

I am trying to cache response of my API but I am getting X-Cache-Status: MISS every time. My Api return a text/plain response(‘hello’ & ‘bye’).
I don’t know what I am missing, also the setup is on minikube.

My Ingress.yaml

apiVersion: networking.k8s.io/v1
kind: Ingress
metadata:
  name: test
  labels:
    name: test
  annotations:
    kubernetes.io/ingress.class: nginx
    nginx.ingress.kubernetes.io/cache-enable: "true"
    nginx.ingress.kubernetes.io/proxy-buffering: "on"  
    nginx.ingress.kubernetes.io/configuration-snippet: |
      proxy_cache mycache;
      proxy_cache_valid 404 5m;
      proxy_ignore_headers Cache-Control;
      add_header X-Cache-Status $upstream_cache_status;
spec:
  rules:
  - host: myhost.local
    http:
      paths:
        - path: /hello
          pathType: Prefix
          backend:
            service:
              name: hello-api
              port:
                number: 8080
        - path: /bye
          pathType: Prefix
          backend:
            service: bye
              name: bye-api
              port:
                number: 8081

ingress config map

apiVersion: v1
kind: ConfigMap
metadata:
  name: ingress-nginx-controller
  namespace: ingress-nginx
data:
  http-snippet: "proxy_cache_path /tmp/nginx_cache levels=1:2 keys_zone=mycache:10m use_temp_path=off max_size=4g inactive=60m;"

For some reason Cache-Control is set to Private.

I tried solutions mentioned here, but no success.

How to properly configure ingress cache to get it working?

Ingress nginx cache