Food Inflation Eases in Singapore Due to Its Strong Currency

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

  • print
supermarket
Food price in Singapore seems unaffected by the global rise in food prices. (Photo : flickr.com/ 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
Cricket Milkshake

Burger Chain To Serve Cricket Milkshake

Hamburger joint Wayback Burgers is mixing things up by adding some protein to its milkshakes in the form of Slim Jims and crickets for the adventurous eater.

Ham awaiting packaging

Fake Italian Hams Busted By Italy's Food Police

Polish ham were found to be repackaged into Italian ham in an underground laboratory in Villarica, close to Naples.

Neil Perry

Celebrity Chef Neil Perry Will Be Joining Seven's New Show 'Restaurant Revolution'

Chef Neil Perry will join Seven's new reality show 'Restaurant Revolution'

Food Tech
About 100 Children Come Down With Food Poisoning In Xia

Genomic Sequencing Technology Advances Can Control Food Poisoning

Advances in the field of Genomics are enabling doctors to easily control food poisoning outbreaks as reported by Will Ockenden yesterday through ABC News.

1,2,3 Selfie

Chili’s Spends Multi- Millions in Social Media to Grab People’s Attention

Chili's is definitely taking business to the next level through social media.

California Town Of El Centro Struggles With Highest US Unemployment Rate

3D Camera Technology Utilized For Farm Harvesting

A fully automatic robotic harvesting system for broccoli, involving a 3D camera technology, is currently being developed at the University of Lincoln, United Kingdom.

Real Time Analytics