Food Prices In Singapore Could Rise Over Coming Months Due To Rising Energy Prices
Most people, especially those paying the bills, would be aware of the recent rise in energy prices.
S’pore Electricity Tariffs To Rise For Next 3 Months, Increase Due To Higher Energy Costs
Unfortunately, the rise also has a knock-on effect on other sectors that are reliant on energy.
On Wednesday (3 Nov), Minister for Trade and Industry Gan Kim Yong mentioned that Singapore’s food prices could increase over the coming months due to this surge.
Apart from energy prices, food prices are also affected by other factors such as imported costs, freight, labour, and seasonal weather changes.
Domestic food prices have been on the rise
In a written parliamentary response on Wednesday (3 Nov), Mr Gan said food prices in Singapore have been rising over the past 6 months.
As this trend is expected to continue, food suppliers may have to adjust their prices accordingly to reflect the cost increases, reported The StraitsTimes (ST).
Apart from energy costs, food prices over the past 6 months were also caused by an “increase in prices for global food commodities, higher energy prices, supply chain bottlenecks and labour shortages”, reported Channel NewsAsia (CNA).
However, Mr Gan assured the public that the authorities will continue assisting Singaporeans to mitigate the impact.
The Government will also continue diversifying import sources to keep prices competitive and enhance our nation’s supply resilience.
Government will support low-income families
In a separate reply, Minister of State for Trade and Industry Alvin Tan acknowledged the price increase could be concerning, especially for lower-income families.
Hence, they will be supported through schemes like ComCare, permanent GST Vouchers, and one-off measures like the Budget 2020 Grocery Vouchers.
Individuals who have lost their jobs or received pay cuts due to Covid-19 can also apply for financial assistance.
Mr Tan added that the Government will continue monitoring the situation to see how policies need to be adjusted.
Glad Government is helping low-income families
The rise in food prices is certainly undesirable, especially given the trying times we’re in.
Nevertheless, we’re glad the Government is helping lower-income families tide through this period.
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