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
