FairPrice continues to freeze price of housebrand rice
SINGAPORE - NTUC FairPrice said it will continue to freeze prices on all nine types of FairPrice housebrand rice from Thailand and Vietnam until Dec 31 this year.
Prices for these FairPrice housebrand rice have been frozen since November last year.
FairPrice noted that though the Consumer Price Index (CPI) eased to 5 per cent last month compared to 5.4 per cent the previous month, non-cooked food and prepared meals prices rose by 0.2 per cent and 0.1 per cent respectively.
Managing director for Group Purchasing, Merchandising and International Trading for NTUC FairPrice, Tng Ah Yiam said: "As rice is a daily staple for most of our customers, we have decided to keep rice prices stable so as to help our customers stretch their dollar as we have done so through the years. It is our social mission to help moderate the cost of living here and we hope this will bring some relief to both our members and our customers."
FairPrice said as one of the major rice importers in Singapore, it stockpiles more than three months' supply of rice to ensure reliability of supply and stability of price.
Prices of rice are kept stable due to the policy of stockpiling, diversified sourcing, forward buying, direct importing, bulk buying and contract prices with manufacturers.
The Dairy Farm Singapore group also announced that its banners Cold Storage, Giant and Shop n Save will be extending the price freeze of all their housebrand rice, cooking oil, flour and sugar till the end of this year. This price freeze on the four housebranded items, which started in February last year, is to help consumers cope with the rising cost of living.
27 June 2012