Making Every Good Count

FairPrice Group freezes prices of popular produce amid wet market markups this Chinese New Year

Published on
18 January 2024
  • Prices for popular seafood to be locked during the festive season – including Chinese Pomfret, Red Grouper, and Grey Prawns 
  • Exclusive discounts on fresh vegetables will also run during the same period

SINGAPORE, 18 JANUARY 2024 – FairPrice Group (FPG) announced today a price freeze on popular seafood items and promotion for selected FairPrice vegetables for the Chinese New Year period. To help all in Singapore to cope better with the cost of living crunch, FPG has been rolling out a series of measures, from GST absorption to CDC return vouchers, to help loosen the strain on household budgets. The price freeze is also part of FPG’s commitment to ensuring that customers have access to quality and affordable produce for their Chinese New Year celebrations – traditionally a time where extended families and loved ones across Singapore gather to catch-up and deepen familial bonds. 

The impact of stubborn inflation and the increase of Goods and Services Tax (GST) from eight to nine percent has added to the challenges that consumers are facing with affording daily necessities. FPG’s price freeze on popular Chinese New Year produce comes as part of its wider effort to keep prices stable, and essentials within reach. 

Mr Vipul Chawla, Group CEO, FairPrice Group, said, “Chinese New Year holds immense significance for customers across Singapore and we are mindful of the challenges that  families may be facing. At the same time, higher demand for produce like seafood and vegetables during the festive period inevitably drives prices up, and our price freeze is aimed at helping customers alleviate this pressure. As Singapore’s largest retailer, we want to reaffirm our commitment to easing consumers’ financial burdens, and giving all in Singapore even more reasons to celebrate this festive season.”

Market surveys conducted from 5th January to 18th January 2024 indicated a gradual increase in prices for popular fresh produce – such as Chinese Pomfret and Red Grouper – sold at wet markets across Singapore. Prices were found to be up to 36 percent higher, when compared with those in FairPrice stores. 

Average Price Comparison Table for Fresh Seafood (Wet Market vs. FairPrice)

Wet Market vs. FairPrice (FP) Variance
S/No. Fish & Seafood Wet Market (Average price per kg) FP (per kg) FP Specifications $ %
1 Chinese pomfret XL $60.00 $41.90 XL (600 – 800g) $18.10 30.1%
2 White pomfret M $35.00 $25.90 300 – 400g $9.10 26.0%
3 Red grouper L $50.00 $34.90 L (3kg and above) $15.10 30.2%
4 China spotted rabbitfish $45.00 $29.90 200 – 300g $15.10 33.5%
5 Fresh Grey prawn XL $20.00 $14.90 35 to 40 pcs/kg $5.10 25.5%
6 Fresh Tiger Prawn XL $22.00 $15.90 35 to 40 pcs/kg $6.10 27.7%
7 Fresh White Prawn Ang Kar XL $45.00 $28.90 21 to 34 pcs/kg $16.10 35.8%
8 Red Snapper L $23.00 $14.90 L (3kg and above) $8.10 35.2%

Exclusive discounts on vegetables throughout Chinese New Year period

In addition to the price freeze on seafood, FPG will also offer exclusive promotions on FairPrice vegetables.

Wet Market vs. FairPrice (FP) Variance
S/No. Vegetable Wet Market (Per pack/kg) FP (Per pack/kg) FP Specifications $ % Promotion
1 China Enoki 200g $0.67 $0.45 200g $0.22 32.5% 3 for $1.35
2 China Shiitake Mushroom 200g $2.40 $1.60 200g $0.80 33.3% 3 for $1.35
3 China Yuan Xiao Bai 1 unit $3.71 $2.50 1 unit $1.21 32.6% $2.50 each
4 Chef Shanghai Green 200g $1.50 $1.05 200g $0.45 30.0% 2 for $2.10
5 Chef Nai Bai 200g $1.50 $1.05 200g $0.45 30.0% 2 for $2.10

For further details on the promotions, customers are encouraged to visit their nearest FairPrice store to find out more.

1   Comparison resulted from surveys conducted at wet markets in Ang Mo Kio, Bedok, Kovan, Seng Kang, Tiong Bahru, and Tekka Market from 5 to 18 January 2024.

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