It was reported in the media yesterday (19 Mar) that NTUC FairPrice has pledged to freeze the prices of 100 FairPrice house brand products for the next 15 months till June next year, so as to “help moderate the rising cost of living and protect shoppers from price fluctuations”.
NTUC said more than half of these products have already had their prices slashed by up to 30 per cent as of Mon (18 Mar), in order to “ensure all items in the basket of goods are priced at least 20 per cent cheaper than comparable leading brands”.
The 100 products include rice, cooking oil, poultry, toiletries and household cleaning products. They have been selected to represent popular daily essentials purchased by the average Singapore household, NTUC said.
NTUC FairPrice chief executive and MP Seah Kian Peng told media that this is the first time it is freezing the prices of a basket of goods for “such a long period”, which coincidentally, comes at a time when Prime Minister Lee Hsien Loong said in last Nov that the next GE could be held this year.
It’s not known what would happen to the prices of FairPrice products after the 15-month moratorium is over.
NTUC secretary-general and Cabinet Minister Ng Chee Meng added that the range of FairPrice house brand products that will have their prices frozen, offer savings of “up to 38 per cent” and are “of good quality”.
In his bid to show the way for Singaporeans to moderate the rising cost of living, Minister Ng said his household saves about 25 per cent on grocery bills by using FairPrice house brand products.