More import sources, local output, stockpiling to manage Singapore food prices

MOST of Singapore's top vegetable and seafood imports are well diversified with over 10 source countries, including China, Vietnam, Indonesia, Australia, various European countries, United States, United Kingdom, Canada, and even Ecuador, said Minister of State for Trade and Industry Low Yen Ling in Parliament on Feb 15.

This is part of a multi-pronged strategy which includes, beyond import diversification, local production and stockpiling.

Indeed, this includes bringing in stocks ahead of time, where possible, by "working closely with our importers, distributors, and even our retailers to anticipate and even mitigate delays, as well as closely monitoring and looking out for potential disruptors," said Low.

She was responding to a question raised by Member of Parliament for Radin Mas Melvin Yong on what measures the ministry has taken to diversify the sources of popular seafood and vegetable items ahead of major festivities, and whether more can be done to keep prices affordable for consumers.

In terms of the factors that influence the cost of food, Low pointed to import prices, the cost of animal feed, energy costs, freight costs, labour costs, seasonal weather patterns, and possible supply chain disruptions.

"The regional weather disruptions that are currently putting upside pressure on Singapore's imported food prices should fade as the monsoon season passes," she said.

Retailers such as FairPrice Group, as well as other supermarket chains have also stepped up efforts to keep prices consumer friendly, she noted.

FairPrice launched its "Stretch Your Dollar" programme which offers the public a 5 per cent discount on selected daily staples every Friday at all FairPrice supermarkets and hypermarkets, starting from March 4 till the end of the year.

Prices for hot coffee and tea as well as breakfast sets at more than 80 Kopitiam and NTUC Foodfare outlets have also been held until the end of the year.

Meanwhile, the "general appreciation of Sing dollar against the currencies of many of our key import source countries will also continue to temper cost pressures" said Low, adding that the government also works with the Consumers Association of Singapore (CASE) to promote consumer awareness and help consumers make informed purchasing decisions.