What Is The News About:
- Vegetable prices set to increase due to a decrease in supply from Malaysia.
- The inclement weather caused a fall in supply of vegetables from Malaysia, which resulted in a corresponding decrease in import volume of Malaysian vegetables. Coupled this with a prior increase in import cost of vegetables such as celery and coriander, the increase in price inevitable.
- If you are a fan of celery, spring onion or coriander, expect these vegetables to face the steepest price increase amongst all other vegetables by 20%.
What Does It Mean For Singaporeans:
- An average Singaporean requires about 95kg of vegetables, 66kg of fruits and 308 eggs every year. We definitely know of some people who requires more than the stated amount.
- Out of all the supply for vegetables we need, Singapore farms are only able to support 8% of the vegetables we eat, 8% of the fish we consume and 26% of the eggs required. Hence, close to 90% of our food is imported.
- With this, it means that food in Singapore is price inelastic due to our reliant on external sources for it.
- To top it off, Malaysia is our top source of imports for vegetables and fruits, which amplifies the impact of the recent dropped in supply on Singaporeans.
” This means we die die will have to pay for it, no matter the price. Bo Bian.”