Is inflation an excuse for greedy businesses?

I WAS shocked when the school bus fare for my child was raised by 20 per cent. The school bus operator cited manpower shortage and rising Certificate of Entitlement prices to justify the fare hike. Yet, a check with the bus drivers revealed there was no pay bump. 

A similar practice has occurred in the food industry. Price increases at hawker centres have been in the news lately, notably that of a perennial local favourite, “cai fan”, or economy rice. Diners have complained that the price hikes are disproportionately higher than the price increases for the food ingredients. The apparent profiteering upset customers, leaving a bad taste in their mouths. 

Businesses can engage in unscrupulous pricing practices by exploiting consumers’ lack of choice, for example, when parents have no alternative school bus operators to turn to.