FOOD prices have risen, but they are nowhere near the peak of 2008, Trade and Industry Minister Lim Hng Kiang said.
Prices then soared nearly 8 per cent because of bad weather and a global supply shortage, Mr Lim recalled yesterday.
But the rate of increase has since slowed, to 3.1 per cent last year and below 3 per cent in February and March this year, he added.
To show the difference, he pointed to the price of white rice, which peaked at $1,300 per tonne in 2008, but has stayed fairly stable around $700 this year.
He gave these figures to show that the high headline inflation of 5.2 per cent in March did not affect as many people because a large part of the increase is due to property rentals and car costs.
Although the under-3 per cent rise in food prices earlier this year is 'a slightly positive note' in Singapore's inflation figures, 'overall, 3 per cent is of course higher than what we normally experience', said Mr Lim.
'We have had a more challenging situation in 2008 and we managed to overcome that situation. Today, the situation is not as bad as 2008,' he added.
Mr Lim Biow Chuan (Mountbatten), however, said his residents have told him food prices have risen not only at hawker centres, but also in the supermarkets.
He wanted to know whether the ministry will have more measures to monitor the price of food.
Minister Lim said a retail price watch group headed by Minister of State (Trade and Industry, and National Development) Lee Yi Shyan already keeps a close watch on excessive price increases of food and other daily necessities.
The group works with supermarkets, wholesalers, hawkers and food courts to promote cheaper alternatives and educate consumers on how to shop smart.
Supermarkets in the group - NTUC FairPrice, Giant and Sheng Siong - also did not raise the prices of their house brand items for at least six months last year.
The Competition Commission of Singapore and consumer watchdog Consumers Association of Singapore are also in the group to help stop anti-competitive and unfair trading practices.
Prices then soared nearly 8 per cent because of bad weather and a global supply shortage, Mr Lim recalled yesterday.
But the rate of increase has since slowed, to 3.1 per cent last year and below 3 per cent in February and March this year, he added.
To show the difference, he pointed to the price of white rice, which peaked at $1,300 per tonne in 2008, but has stayed fairly stable around $700 this year.
He gave these figures to show that the high headline inflation of 5.2 per cent in March did not affect as many people because a large part of the increase is due to property rentals and car costs.
Although the under-3 per cent rise in food prices earlier this year is 'a slightly positive note' in Singapore's inflation figures, 'overall, 3 per cent is of course higher than what we normally experience', said Mr Lim.
'We have had a more challenging situation in 2008 and we managed to overcome that situation. Today, the situation is not as bad as 2008,' he added.
Mr Lim Biow Chuan (Mountbatten), however, said his residents have told him food prices have risen not only at hawker centres, but also in the supermarkets.
He wanted to know whether the ministry will have more measures to monitor the price of food.
Minister Lim said a retail price watch group headed by Minister of State (Trade and Industry, and National Development) Lee Yi Shyan already keeps a close watch on excessive price increases of food and other daily necessities.
The group works with supermarkets, wholesalers, hawkers and food courts to promote cheaper alternatives and educate consumers on how to shop smart.
Supermarkets in the group - NTUC FairPrice, Giant and Sheng Siong - also did not raise the prices of their house brand items for at least six months last year.
The Competition Commission of Singapore and consumer watchdog Consumers Association of Singapore are also in the group to help stop anti-competitive and unfair trading practices.
