SINGAPORE: NTUC FairPrice said it will continue to freeze prices on all nine types of FairPrice housebrand rice from Thailand and Vietnam until 31 December 2012.
Prices for these FairPrice housebrand rice have been frozen since November 2011.
FairPrice noted that
though the Consumer Price Index (CPI) eased to 5 per cent in May 2012
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
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.
I really LOL when I keep hearing them talk about the easing of cpi to 5%.