SINGAPORE: FairPrice Group (FPG) announced in a press release on Thursday (18 January) that they will freeze the prices of eight popular seafood items and offer exclusive promotions on five selected vegetables during the upcoming Chinese New Year festivities.
This is to help Singapore residents “cope better with the cost of living crunch.”
“The price freeze is also part of FPG’s commitment to ensuring that customers have access to quality and affordable produce for their Chinese New Year celebrations – traditionally a time where extended families and loved ones across Singapore gather to catch-up and deepen familial bonds,” the statement read.
Some of the items include Chinese pomfret, red grouper, grey prawns, Shanghai green, nai bai, shiitake mushrooms, and more.
FairPrice freezes seafood prices amidst price fluctuations
The decision to freeze prices on popular seafood items, such as Chinese Pomfret, Red Grouper, and Grey Prawns, comes at a time when market surveys conducted from 5 January to Thursday, revealed a gradual increase in prices for these items at wet markets across Singapore.
The prices observed at wet markets were found to be up to 36 per cent higher compared to those available at FairPrice stores, FPG said.
Considering the difficulties families might encounter, the store has opted to freeze prices with the aim of “helping customers alleviate this pressure.”
Mr Vipul Chawla, FairPrice Group’s CEO, stated that the increased demand for items such as seafood and vegetables during the festive season will “inevitably” lead to rising prices.
“As Singapore’s largest retailer, we want to reaffirm our commitment to easing consumers’ financial burdens, and giving all in Singapore even more reasons to celebrate this festive season,” he added.
Effort to ease impact of rising costs
FPG has been actively implementing various measures, including GST absorption and CDC return vouchers, to alleviate the strain on household budgets and make essential items more accessible.
On 3rd January, FPG announced that it would be distributing FairPrice return vouchers to those who spend their CDC vouchers at FairPrice stores.
Shoppers who spend S$80 in a single transaction at any FairPrice store till 24 January will receive an S$8 FairPrice return voucher. The offer was initially scheduled to end on 17 January but has been prolonged until 24 January due to popular demand.
In November 2023, the company declared its intention to absorb the one percent GST increase on 500 essential items during the first six months of 2024.
Mr Vipul Chawla, had said, “Despite significant inflationary pressures, FairPrice Group remains steadfast in our commitment to alleviate the rising cost of daily essentials, particularly for the more vulnerable among us.
“It is clear that in the current economic environment, our customers are watching their spending more than ever. FPG will continue to work hard to help all in Singapore make every dollar count to maintain their quality of life and feed their families well.”
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