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.

© 2014 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
Tea contains theanine and caffeine that stimulates the brain function and mental alertness.

Tea and Benefits: Various Teas That You Have To Try

Tea has been recorded long in centuries to bring good health, wisdom and happiness. With its powerful benefits, tea has been a point of many studies. Research has proven that tea aids in weight loss, lower cholesterol, help diseases including cancer, diabetes and heart problems.

Processed foods are synonymous to obesity, type II Diabetes and high blood pressure. It has bad reputation for bringing huge calories and elevated blood glucose and blood pressure.

Processed Foods That Should Be Out Of Your Shopping List

Processed foods are synonymous to obesity, type II Diabetes and high blood pressure. It has bad reputation for bringing huge calories and elevated blood glucose and blood pressure.

Burger King Fiscal Fourth Quarter Earnings Drop 17 Percent As Sales Drop

Burger King Canada Move: Fast Food Giant Saves $1.2 BILLION In Taxes By Moving Headquarters!

The announcement of Burger King's Canada move a few months ago caused many eyebrows to be raised, but that was before the company made public just how much they'd be saving up by moving to the friendly North American country: 1.2 billion dollars.

Food Tech
A national survey done by the North Carolina State University and the University of Minnesota representatives suggests that most U.S. consumers are ready to accept genetically modified and nanotech products if it is enhanced with nutrition and are safe.

U.S. Consumers, Ready To Accept Genetically Modified, Nanotech Products If It Is Healthy And Safe, New Survey Reveals

A national survey done by the North Carolina State University and the University of Minnesota representatives suggests that most U.S. consumers are ready to accept genetically modified and nanotech products if it is enhanced with nutrition and are safe.

Starbucks Introduces Wireless Chargers In 200 Stores

Starbucks Introduces Wireless Chargers In 200 Stores

Starbucks Wireless Chargers – Starbucks announced that from Tuesday, there would be 200 stores in the San Francisco Bay Area which count with wireless charging spots.

Lee Memorial Health System

Food Means Medicine, Lee Memorial Health System Improves Cafeteria

The Lee Memorial Health System has announced that they believe food is very important in the recovery of patients in their hospital so they are really working on making their cafeteria be different and defy the generalization of people that hospital food is not really appetizing.

Real Time Analytics