SINGAPORE — FairPrice Group (FPG) will freeze prices on popular seafood products from Thursday (January 18) until the Lunar New Year period.
There will also be a promotion of carefully selected fair price vegetables.
The group said in a statement that the move was taken to “help all Singaporeans cope with the strained cost of living”. The impact of stubborn inflation and the increase in Goods and Services Tax (GST) from 8% to 9% are some of the challenges consumers face when purchasing everyday items.
“The price freeze is also part of FPG’s commitment to ensure our customers have access to high quality and affordable agricultural products for their Lunar New Year celebrations, which are traditionally celebrated by extended families and loved ones across Singapore. It’s a time to get together, catch up, and bond as a family,” the group said.
FPG fixed the prices of eight seafood items, including pomfret, red grouper, and raw tiger prawns, and also set discount prices for five vegetables, including enoki mushrooms, shiitake mushrooms, and Shanghai vegetables.
“…the increased demand for agricultural products such as seafood and vegetables during the festive period inevitably drives up prices. Our price freeze aims to help our customers relieve this pressure. ” said Vipul Chawla, Group CEO of FPG.
Prior to the price freeze announcement, FPG announced that it conducted market research at wet markets in Ang Mo Kio, Bedok, Kobang, Sengkang, Tiong Bahru and Tekka markets from January 5 to 18, 2024.
The group found that prices of popular fresh produce such as pomfret and red grouper sold at wet markets have gradually increased. Prices were found to be 44% higher on average compared to FairPrice store prices.
FPG’s price freeze on popular Lunar New Year produce was part of broader efforts to stabilize prices and keep essential goods within reach, the company noted.
So far, FPG has rolled out a series of measures, from GST absorption to CDC return coupons, to ease the burden on household budgets.
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