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The release of CDC vouchers for 2025 isn’t the only good news regarding affordability for this month. Starting 9 Jan, FairPrice will implement a price freeze at all outlets on 15 types of grocery items through the Chinese New Year period!
According to FairPrice Group (FPG), this promotion will run until 12 Feb, which marks the end of Chinese New Year.
Chinese New Year is a period of celebration for many in Singapore. Families and friends gather at each other’s homes around a sumptuous home-cooked spread for a reunion meal. With this increase in food purchases and consumption, the prices of certain popular items increase significantly.
FPG has identified 15 items that shoppers make a beeline for during this new year’s celebrations.
These products include seafood like prawns, Chinese pomfret and red snapper, as well as vegetables like napa cabbage and shiitake mushrooms. Meat products such as minced pork and spare ribs are popular choices also.
According to the law of supply and demand, as the seasonal demand for these goods skyrockets, stocks decrease and the scarcity drives up prices.
FPG recently conducted a survey at 4 wet markets – Chinatown Complex, Ghim Moh, Tiong Bahru and Bedok. They found that prices for these products increased by 20-30% from 2 to 7 Jan. In comparison to the costs of the same products in NTUC Fairprice outlets, they were shown to be noticeably more expensive.
Given the overwhelming demand during the CNY period, FairPrice decided to freeze their prices for such items. This will lead to better affordability for consumers and make these essential products more accessible.
But what if stocks run low?
Mr Andy Chang, director of fresh and frozen products at Fairprice, promises to keep track of customers’ demands throughout the price freeze to ensure availability.
It’s time to make use of FairPrice’s price freeze to save some money this CNY!
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