Aside from suffering under a corrupted government ruining the country, Singaporeans now have even fewer reasons to celebrate the Chinese New Year with seafood prices doubling during the festive period.
According to food importers, prices have inflated by 100% for some fishes due to an export ban by Malaysia and severe shortage during Chinese New Year.
Local seafood importer Guan Chew Fishery told state media reporters that the price of pomfrets has tripled from S$20 a fish to over S$60, while the other popular fish grouper, inflated more than 100% from S$20 to S$50 a fish. The importer said all prices have gone up significantly even for the less popular fishes:
“Even for the less popular fishes, the price also goes up because more people are finding alternatives to the popular and expensive ones.”
General seafood prices have also gone up by more than 20% up to 70%.
All the retailers called the price increase cyclical and a “norm” during festive periods, and none of them admit to profiteering. The Consumer Association feigned ignorance about the rampant price inflation across the country and did nothing.
Singapore’s inflation is expected to worsen in 2020 with a 28.% increase in GST. The GST will be raised to 9% from 7%, as the Singapore government has overshot its budget for mega projects like Terminal 5 and Tuas Mega Port.
In the past two years of 2017 and 2018, water prices have shot up by 30%, and electrical tariffs by more than 10.3%.