singapore groceries cost prices supermarkets inflation eggs
Singapore's core inflation rate, which measures the average change in prices for things like food, electricity and gas, rose 2.4 percent year-on-year in January - the highest increase in more than nine years. For food alone, the inflation rate for the month was 2.6 percent.
But inflation figures tell only part of the story – how much, exactly, did the prices of your everyday groceries go up?
To find out, CNA compared the current prices of some basic necessities from supermarkets with last year's prices.
Bakers and avid egg lovers may feel the pinch more than most – for fresh produce, eggs experience the biggest price increases.
An examination by CNA showed that the price of a pack of 30 Market fresh eggs was S$6.15 at NTUC FairPrice in February, up from S$4.75 in the same month in 2021.
Fresh eggs from Sheng Siong saw a similar increase from S$4.65 for 30 eggs in February 2021 to S$6.15 in the same month this year.
The supermarket confirmed that egg prices have increased overall due to production, labor and delivery costs, which have been exacerbated by the COVID-19 pandemic.
Retail group DFI, which runs supermarkets Cold Storage and Giant, said egg prices had risen by about a fifth to a quarter since last year.
FairPrice, Singapore's largest supermarket chain, also said that prices had risen by around 10 percent compared to 2021, depending on the package size, weight and country of origin of the eggs.
Prices of fresh vegetables also increased, although not too drastically.
Comparing February 2021 to February 2022 prices, the prices of baby cai xin (200g) and carrots (900g) from China rose 10 cents and 5 cents, respectively. Watercress (200g), round spinach (250g) and tomatoes (500-600g) from Malaysia go up between 10 and 35 cents.
Leeks (100g) from Thailand are now 10 cents more expensive, and local bean sprouts (200g) are 15 cents more expensive.
But the prices of several other basic necessities remained unchanged – a comparison of CNA's products such as frozen chicken and pork, several brands of fresh milk and white bread shows that prices have not increased from last year.
"Eggs, as a food commodity, experience price fluctuations due to market factors such as supply and demand, weather and socioeconomic conditions," said a FairPrice spokesperson.
“In addition, higher feed prices and logistics costs, as well as labor shortages, are also affecting prices in today's volatile environment.”
DFI said that apart from eggs, the prices of several manufactured goods have also increased due to bad weather and recent port congestion.
His spokesman said the company was working with suppliers to provide Cold Storage and Giant customers "as much variety and supply of products as possible".
WHY FOOD PRICES INCREASE?
Global food prices are affected by factors such as labor shortages caused by the pandemic, higher energy and shipping costs, and weather-related disruptions, the Ministry of Trade and Industry (MTI) said in response to a CNA inquiry.
"As a small and open economy that imports the bulk of its food supply, Singapore must manage global inflationary pressures," the ministry said.
Did Russia's invasion of Ukraine also push up food prices?
The two countries produce nearly a quarter of the world's wheat, and are also major exporters of barley, corn and sunflower seed oils, Associate Professor Chen Tao of Nanyang Technological University told CNA earlier.
Ukraine is also one of the biggest exporters of food grains – a key ingredient in chicken feed, which makes it more expensive to raise chickens and in turn pushes egg prices up.
Since February, a pack of 30 eggs has increased by about 60 cents to S$7.20 as of March at NTUC FairPrice and Sheng Siong supermarkets.
To keep prices competitive, Singapore imports food supplies from more than 170 countries and territories around the world, MTI said in response.
“The government is adopting a multi-pronged strategy involving import diversification, local production and stockpiling to reduce the impact of unexpected disruptions to our food supply, reduce our vulnerability to price fluctuations and ensure that prices remain competitive.”
Source : channelnewsasia.com