Food prices show signs of easing in H1: RPWG
-
By Qiuyi Tan | Posted: 07 August 2012 1426 hrs
SINGAPORE: Singapore's rate of inflation for food has dropped to 2.3 per cent in June, from 3.8 per cent in January this year.
The Retail Price Watch Group (RPWG) said the slower pace of food inflation has an impact on household expenditure as food expenses take up a considerable portion of each household's monthly budget.
RPWG also observed that the prices for some common food items have declined or remained fairly stable.
Taking a snapshot of the average retail prices of selected food items, the group observed that prices of nine food items have declined, four have remained the same, while four have increased by less than one per cent in the second quarter of 2012, compared to the first quarter.
The group advised consumers to take advantage of lower prices or promotions whenever possible.
For some, another way to achieve more value for money is to consider purchasing housebrand items. Housebrand items are comparable to more prominent brands in quality, and their prices are often lower.
A check with the RPWG's three supermarket members -- NTUC FairPrice, Giant and Sheng Siong -- reveals that their housebrand items provide a more economical alternative for consumers.
RPWG noted that the prices of various housebrand items from these supermarkets are also lower than the national average retail prices of items in the same category.
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.
Mr Lee said: "So far, we observe that the market is competitive. In the sectors we monitor there're enough players and enough competition. Our encouragement to them is they should provide a wide range of products so the consumer has choices."
RPWG will also continue working with retailers to assure consumers that there are many choices in the market, and economical quality alternatives remain easily available.
- CNA/ck/wm -
Sg getting cheaper??
-
Food inflation dropped in their dreams.
Almost everything is increasing and faster than expected.
Nice living in there in the ivory tower.
-
Sg is getting expensive.