To help consumers deal with growing expenses, the prices of thirteen popular seafood and vegetable items sold at FairPrice outlets throughout the island will be frozen from January 18 through the Chinese New Year holiday.
The FairPrice Group (FPG) declared on January 18 that some seafood goods, like Chinese pomfret, red grouper, and grey prawns, as well as certain vegetables, like nai bai and shiitake mushrooms, will have their prices frozen.
According to Mr. Andy Chang, director of fresh and frozen products at FPG, “seafood and vegetables are among the categories that are most impacted by the price increases during Chinese New Year.”
“We thought it would be a good time for us to make sure we are competitive in terms of pricing, so prices (at FairPrice) are pegged against those of the wet market because historically, we’ve realized these categories see the largest spike and price fluctuations,” he continued.
Prices for popular fresh food sold in wet markets, such as Chinese pomfret and red grouper, have increased by an average of almost 35% when compared to prices at FairPrice, according to price benchmarking exercises carried out by FPG starting on January 12.
In 2023, the group implemented the first fish and seafood price freeze. According to Mr. Chang, a few veggies were added to the list in 2024 as a result of user input.
“Chinese New Year holds immense significance for customers across Singapore, and we are mindful of the challenges that families may be facing,” stated Mr. Vipul Chawla, group chief executive of FPG.
“Our price freeze is intended to help customers alleviate this pressure,” the statement reads. “Higher demand for produce like seafood and vegetables during the festive period inevitably drives prices up.”
Over time, a few clients have experienced financial hardship.
Madam Ong Beng Keow, 64, stated, “Every year, wet markets raise the price, especially during Chinese New Year.” Instead of shopping at the wet market, she purchases at nearby supermarkets.
On January 18, the part-time waitress was among the patrons at the FairPrice store in Northpoint City, Yishun, who were restocking on groceries and seafood to freeze in preparation for Chinese New Year.
February 10th marks the start of the same.
