FairPrice customers can continue to enjoy great prices at NTUC FairPrice as the retail chain is extending a price freeze on all its housebrand rice from Thailand and Vietnam until the end of June 2012.
Explaining FairPrice’s decision to hold the prices of its housebrand Thai and Vietnamese rice, FairPrice CEO Mr. Seah Kian Peng said, “FairPrice was founded to help moderate the cost of living and we will continue to uphold this commitment. We know rice is an important staple for Singaporeans and with rising transport and living costs, we want to do our part to help customers stretch their dollar when it comes to daily essentials.”
In November 2011, amidst customers’ concerns about rising rice prices due to the flood situations in Thailand, FairPrice took the lead to freeze the prices of its housebrand Thai and Vietnamese rice till end February 2012 to allay consumers’ fears.
As one of the major rice importers in Singapore, FairPrice stockpiles more than three months’ supply of rice to ensure reliability of supply and stability of price. Prices of rice are kept stable due to the policy of stockpiling, diversified sourcing, forward buying, direct importing, bulk buying and contract prices with manufacturers. FairPrice imports rice from diverse sources including Thailand, Vietnam, Cambodia, India, Pakistan, Japan, Korea and USA.