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.”Seedly on Facebook, and be part of our journey as we bring you more timely and unbiased content on lifestyle and personal finance.