Yahoo Finance 
Singapore's FairPrice freezes prices of popular seafood, offers promo on vegetables through Chinese New Year
FairPrice said that the move was to help all in Singapore to cope better with inflation and the cost of living crunch, especially during the CNY season.
SINGAPORE — FairPrice Group (FPG) will freeze prices of popular seafood items from Thursday (18 January) through the Chinese New Year period.
There will also be promotions for selected FairPrice vegetables.
In a statement, the group said that the move was made to "help all in Singapore to cope better with the cost of living crunch". The impact of stubborn inflation and the increase of Goods and Services Tax (GST) from eight to nine per cent are part of the challenges consumers face with affording daily necessities.
"The price freeze is also part of FPG’s commitment to ensuring that customers have access to quality and affordable produce for their Chinese New Year celebrations – traditionally a time where extended families and loved ones across Singapore gather to catch-up and deepen familial bonds," the group said.
FPG locked the prices of eight seafood items, including Chinese pomfret, red grouper and fresh tiger prawn, and also set discount prices for five vegetable items such as enoki and shiitake mushrooms, and Shanghai greens.
"...higher demand for produce like seafood and vegetables during the festive period inevitably drives prices up, and our price freeze is aimed at helping customers alleviate this pressure," Vipul Chawla, Group CEO, FPG, said.
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Prior to the price freeze announcement, FPG said it conducted market surveys at wet markets in Ang Mo Kio, Bedok, Kovan, Seng Kang, Tiong Bahru and Tekka Market from 5 to 18 January 2024.
The group found that there was a gradual increase in prices for popular fresh produce, such as Chinese pomfret and red grouper sold at wet markets. Prices were found to be, on the average, 44 per cent higher compared with those in FairPrice stores.
FPG's price freeze on popular Chinese New Year produce comes as part of its wider effort to keep prices stable, and essentials within reach, the company noted.
Previously, FPG has been rolling out a series of measures, from GST absorption to CDC return vouchers, to help lighten the strain on household budgets.
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