Impact to Food Prices in Next Six Months Given Supply Chain Disruption and Increase in Energy Costs
- Minister Gan Kim Yong explained that food prices are influenced by imported prices, energy costs, freight, labour, and seasonal weather, and have risen due to global commodity price increases, higher energy prices, supply chain issues, and labour shortages.
- He noted that food prices are expected to rise further in the coming months because of increasing energy costs, which may lead suppliers to adjust prices to cover these higher expenses.
- The government will continue to support low-income households through ComCare assistance and grocery vouchers, while also diversifying import sources to maintain competitive prices and improve supply resilience.