Food Inflation Eases in Singapore Due to Its Strong Currency

Aug 07, 2012 05:18 AM EDT | By Sharon Robinson

  • print
Food price in Singapore seems unaffected by the global rise in food prices. (Photo : benjamin.krause)

While global food prices are steadily on the rise, Singapore's food inflation seems to have gone down, say reports.

Like Us on Facebook

In the first half of the year 2012, the Consumer Price Index, or the CPI, has shown signs of easing. This is in accordance with studies done by the Retail Price Watch Group, or the RPWG. The prices of many food items are either on the decline, or are fairly stable.

Looking at the average retail prices of selected food items in Singapore, it was observed that the prices of a nine out of 17 food items have declined, while four remained the same and another four increased by less than 1 per cent.

However, instant coffee, carrots, sugar and instant noodles have registered slightly higher prices.

The rather mild inflation is being attributed to the strong Singaporean dollar, the long-term contractual agreements that food importers have with their suppliers or the diversification of food import sources, RPWG said.

The Singapore government offers its people different ways to counter food inflation. The RPWG is advising the citizens to take advantage of these measures.

RPWG added that it would be wise to consider purchasing house-brand items; as such items are comparable in quality to more prominent brands but are often cheaper.  Three of RPWG's member supermarkets- NTUC FairPrice, Giant and Sheng Siong- have attested to the fact that house-brands are indeed more economical.

The government also offers cash grants and vouchers, like the GST and the U-Save rebates, to help households deal with the inflation.

The group, led by Mr Lee Yi Shyan, Senior Minister of State for Trade and Industry and National Development, was set up in late February 2011 to keep a close watch on any excessive price increases of daily necessities and anti-competitive behaviour from businesses in Singapore.

The RPWG is currently working with businesses to assure consumers that the food inflation will not lead to a decline in the quality of food, or the availability of more options.

© 2015 Food World News. All rights reserved. Do not reproduce without permission.
Get the Most Popular Food Stories in a Weekly Newsletter
TrendingOn The Web
Food Biz
McDonald's To Alter Dollar Menu With Higher Priced Items

McDonald’s Drive Thru Revolutionized: Golden Chains Prioritizes Getting Your Order Right Before Getting It Faster

After more than a year of tanking numbers, the biggest fast food chain in the world, McDonald's, recently saw its best quarter in quite some time, but they're not letting things stay there as they aim to top things once more while they're on top, introducing a new McDonald's drive thru strategy.

Close-up of hand holding Avocado Toast

Once Bashed Recipe Nigella’s Avocado-on-Toast Increased Sales Up To 30%, Waitrose Confirmed

Nigella's avocado-on-toast has been teased all over the social media, but for Waitrose the creamy fruit spike sales by 30%.

Organic Food

Organic Food: Why They're Popular and Why You Should Get Into the "Bandwagon" As Well

Switching to organic for food makes sense if all-organic shopping isn't possible especially for those food that are most affected by chemicals, and sticking with standard versions of the least affected.

Food Tech
Those Empty Shelves Could Mean a Food Recall

Honey Mustard Pretzel Mix and Honey Mustard Mix Products, Recalled by Ashdon Farms Due to Possible Allergy Threats

Ashdon Farms, from Waukesha, WI 53188 has just cautioned the public after they released their statements regarding their Honey Mustard Pretzel Mix that is sold under the brand of the Girl Scouts of the USA and Honey Mustard Mix sold under the Ashdon Farms.

Chef and Waiter in a Restaurant

Food Servers: Are They the Carriers of Several Illnesses?

Several forms of human contact with contaminated things can generate the passing of germs especially for food servers. This can unknowingly be passed on to customers by means of not-so-clean hands.

Small Business Display of Breads and Pies

Food Businesses New Menu Compliance May Bring Higher Costs

The registration and inspection of food businesses will change from March. This situation will happen in the Tasman District. Small businesses in the area fear the future of their establishment when the new Food Act becomes effective in March.

Real Time Analytics