Singapore food prices bucked global spike of 2011
Consumers should thank the appreciating Singapore dollar and food importers.
"Compare to global prices, Singapore's import prices and domestic prices for a wide variety of food items rose by a smaller extent," said the Retail Price Watch Group (RPWG).
A stronger Singapore currency and food importer measures of locking in long-term contractual agreements and diversifying import sources all helped shield local food prices from ballooning in 2011.
For example, cereal & cereal preparation import prices rose just around 5% when global food commodity prices rose roughly 35%. Import prices for meat, dairy produce and eggs, and sugar & sugar preparation also signifcantly rose slower than global rates.
RPWG added that government cash grants are also helping alleviate the local effects of fast-climbing world inflation through to 2012. "Although these grants do not reduce inflation, they are targeted to help cushion the higher cost of living" that lower and middle income groups experienced.
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