Food is a subject close to every Singaporean’s heart and when the prices of our favourite roti prata or steamed fish go up, it’s hard not to notice.
According Singapore’s Consumer Price Index – All Items in July 2022, inflation climbed to 7% over 20211. Transport and food costs are primary drivers of this increase. In particular, food prices jumped a whopping 6.1% year-on-year over 2021 and 0.8% month-on-month1.
That means if you paid S$10 for a certain food in July 2021, you’d be paying S$10.61 for it in July 2022. Sixty-one cents might not sound like much. However, if like the average household in Singapore, your family spends almost S$1,200 per month on food (food and food serving services)2, this amount would have swelled to S$1,273.20 per month due to the rise in food prices. Multiply that extra S$73.20 by 12 months, and you’re spending S$878.40 more on food than the previous year! That’s enough to make jaws drop (not to take a bite out of a burger, if you know what we mean!).
With the rising cost of raw ingredients and dining out showing no signs of slowing down, it’s time to find ways to cope so you don’t feel a financial sting each time you dine out and aren’t pressured to give up your favourite foods.
Other great ways to stretch your grocery dollar that you should try now:
We can’t stop rising food prices, but with a little effort, creativity and some new practices, it’s possible to keep your food expenses under control. Meals are so much more enjoyable when you know you’ve shaved a couple of dollars or cents on them!
1. Source: Singapore Department of Statistics, Singapore Consumer Price Index (July 2022), accessed on 29 August 2022.
2. Source: Singapore Department of Statistics, Report on the Household Expenditure Survey 2017/18, accessed on 29 August 2022.
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