There is no doubt that consumer prices have been on the rise in Singapore.
In fact, our core inflation increased to an all-time high rate of 2.4% in January. You may have noticed that prices of essential items such as eggs and vegetables are higher now than you remember them being in previous years.
Have the prices of other essential items increased as well? And where can you find the cheapest products and best deals?
Average Prices of Essential Items in Singapore
To answer these questions, we have compiled a list of more than 20 essential items and compared their prices across five major supermarket chains here: NTUC FairPrice, Cold Storage, Giant, Sheng Siong, and RedMart (online).
These items span categories such as food products (vegetables, dairy, meat, etc.), and other household basics such as laundry and home care products.
| NTUC | Cold Storage | Giant | Sheng Siong | RedMart | |
|---|---|---|---|---|---|
| Vegetables & Fruits | |||||
| Tomato (500g – 600g) | $1.50 | $1.65 | $1.90 | $1.10 | $1.65 |
| Spinach (200g – 250g) | $1.60 | $2.25 | $0.90 | $1.65 | $2.15 |
| Potato (800g – 1kg) | $1.05 | $3.40 | $1.10 | $2.50 | $1.75 |
| Fuji apples (5 – 6pcs) | $3.95 | $5 | $2.50 | $2.95 | $4.95 |
| Banana (800g – 1kg) | $3.95 | $5.50 | $3.40 | $2.75 | $2.35 |
| Dairy Products | |||||
| Full cream milk (1L) | $1.75 | $3.35 | $3.30 | $2.25 | $2.30 |
| Skim milk (1L) | $1.75 | $2.60 | $2.50 | $2.40 | $2.40 |
| Soya milk (1L) | $1.95 | $1.95 | $1.95 | $1.95 | $2.25 |
| Coffee & Tea Products | |||||
| Tea bags (100 pc) | $5.65 | $8.55 | $8.45 | $7.85 | $5.65 |
| Nescafe 3-in-1 (32 to 35pcs) | $6.15 | $6.15 | $6.15 | $5.95 | $6.15 |
| Laundry Products | |||||
| Liquid detergent (4 – 4.4L) | $9.65 | $11.45 | $7.85 | $8.95 | $8.95 |
| Bleach (1L) | $1.15 | $2.75 | $1.10 | $0.95 | $1.30 |
| Vegetable oil (2l) | $5.30 | $5.75 | $6 | $5.85 | $5.50 |
| Others | |||||
| Eggs (30pcs) | $7.50 | $7.50 | $7.50 | $7.50 | $9 |
| White rice 5kg | $6.85 | $12.80 | $7.30 | $6.50 | $10.20 |
| White bread (500g – 600g) | $1.40 | $1.70 | $1.70 | $1.60 | $1.30 |
| Fine sugar (1kg) | $1.50 | $1.75 | $1.50 | $1.50 | $1.42 |
| Fine salt (500g) | $0.42 | $0.50 | $0.50 | $0.45 | $0.50 |
| Instant noodles (Myojo chicken tanmen 81g) | $2.20 | $2.20 | $2.20 | $2.20 | $2.20 |
| Spare pork ribs (500g) | $6 | $6 | $6 | $10.40 | $5.91 |
| Rice vermicelli (400g) | $1.15 | $1.30 | $1.15 | $1.15 | $1.40 |
| Light soy sauce (500 – 660ml) | $3.20 (660ml) | $1.50 (500ml) | $1.50 (500ml) | $1.50 (500ml) | $1.95 (500ml) |
| Kitchen towels (6pcs) | $4.15 | $4.60 | $3.30 | $4.40 | $4.95 |
Our comparison shop finds that NTUC FairPrice and Giant have some of the lowest prices for essential items, and Cold Storage, the steepest prices.
DFI retail group, which manages Cold Storage and Giant supermarkets, acknowledges that egg prices have risen by almost 25 per cent since 2021.
A study conducted by CNA found that the price of a pack of 30 eggs has jumped from just S$4.75 at FairPrice in early 2021 to S$7.20 in March 2022. Our research found that it’s shot up to S$7.50 as of April 2022.
Statistics show that people in Singapore consume an average of roughly 388 eggs per year. This would have cost some S$61.40 annually before 2021, the same would now cost an estimated $97 per year, an increase of more than S$30 per person.
The price of fresh fruits and vegetables such as tomatoes and spinach have increased slightly since 2021, across all supermarkets.
Why Are Prices Rising?
There is a myriad of reasons contributing to this price increase. As inflation rates rise amidst the COVID-19 pandemic, manufacturers and retailers are also having to deal with labour shortages, higher transport and rental costs, and other weather-related disruptions that lead to an inevitable increase in the prices of imported goods.
Furthermore, the conflict between Ukraine and Russia – both major wheat and food grain exporters – has put an additional strain on the global food supply. This has been a major reason for the drastic increase in the price of eggs.
However, it’s not all bad news: certain products such as imported Fuji apples have seen their prices drop, meaning that there isn’t a uniform increase in prices across all products.
Read Also: Petrol Prices Expected to Increase Due to Russia-Ukraine War; Here’s What It Means For You
How Can You Save on Essentials?
Although our core inflation rates have eased in the past couple of months, it is likely that food prices will continue rising or at least maintain themselves at the current rate for months to come.
In addition to taking note of the supermarkets which offer the best prices, there are two other ways for you to save on your daily essential expenses.
1. Supermarket Discounts
Supermarkets in Singapore have been rolling out initiatives to support customers during this period of price hikes in order to avoid transferring the increasing production or other retail costs to them.
FairPrice’s Stretch Your Dollar Programme
NTUC FairPrice has continued its Stretch Your Dollar programme, which offers a 5-per-cent discount on a list of 100 essential items every Friday. Scheduling your weekly grocery shopping for the end of the working week can be an easy way for you to cut costs on your spending on essentials.
It also has an array of special discounts that offer special rates forPioneer and Merdeka generation customers. These discount schemes apply from Mondays to Thursdays.
| Monday | 3% Pioneer Discount Scheme |
|---|---|
| Tuesday | 2% Seniors Discount Scheme |
| Wednesday | 3% Pioneer & Merdeka Discount Scheme |
| Thursday | 3% for CHAS Blue cardholders |
| Friday | 5% ‘Stretch Your Dollar’ Discount Scheme |
Giant’s Lower Prices That Last Initiative
Similarly, Giant also offers special discounts to help customers cope with rising prices. It offers a list of 150 essential products at discounts that may be as much as 20 per cent cheaper than average price.
2. Cashback Credit Cards
Cashback credit cards are another easy way for consumers to earn cash rebates on their regular grocery or other spending, which can help to offset the generally increasing prices of essential products.
POSB Everyday
With high reward rates for categories of everyday spending, the POSB Everyday is a perfect cashback credit card for families looking to earn back from their essential expenditure – such as groceries, household care products, and even dining or commuting.
Citi Cash Back Card
The Citi Cash Back Card offers up to 8 per cent cash rebates for groceries and other daily spending. When combined with the other discounts offered by supermarkets themselves, this could provide huge relief for your wallet.
Read Also: Best Credit Cards for Online Shopping and Groceries
Conclusion
Essential products are items we buy regularly and cannot do without. So even a slight price hike for a few of them can add up to a considerable amount.
However, looking out for the cheapest prices, best discounts, and other easy ways to save can be a big help to your wallet.
Methodology
Essential items were identified by the lists provided by major supermarkets such as FairPrice and Giant. The prices of 23 essential items (roughly one or two products in each category) at each of five major supermarket chains in Singapore were obtained from their websites and compiled into the table above. If the supermarkets offered different brands of the same product, the lowest price for the products which were the most similar in description and quantity to the products offered by the other supermarkets were chosen.
Read Also:
The article 2 Easy Ways to Save On Your Daily Essentials originally appeared on ValueChampion.
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