Written reply to PQ on measures to prevent opportunistic price increases by retailers and improve price transparency for consumers

Question:

Mr Victor Lye: To ask the Deputy Prime Minister and Minister for Trade and Industry (a) whether the Ministry has observed any evidence of opportunistic price increases by retailers or service providers beyond actual input-cost increases resulting from rising energy costs in the past two months; and (b) what additional measures, if any, is the Government considering to improve price transparency for consumers to curb cost-of-living pressures arising from the current energy situation. 

Written Answer by Deputy Prime Minister and Minister for Trade and Industry Gan Kim Yong

1.                  As a small and open economy that imports most of our essential goods, Singapore is exposed to global supply chain disruptions which can pose an upward pressure on our domestic prices. The Government’s approach to guard against profiteering is to promote fair competition, diversify our sources and choices for consumers, as well as help them make informed decisions through greater price and information transparency. For example, the Government has worked with the Consumers Association of Singapore (CASE) to develop Price Kaki, a mobile application that allows consumers to compare the prices of a wide range of cooked food, groceries and other daily essentials across different operators. CASE is currently assessing the feasibility of expanding the range of goods and services on Price Kaki. Last year, the Government also worked with major supermarkets to pilot unit pricing for common grocery items across more than 180 outlets island-wide. This allows consumers to compare prices more easily across different product sizes and brands. The pilot will be expanded later this year to cover more in-store and online supermarkets, and a wider range of grocery items. Where there is evidence of anti-competitive conduct among businesses such as price collusion, the Competition and Consumer Commission of Singapore (CCS) can investigate and take enforcement action against such businesses under the Competition Act. We encourage members of the public to report to CCS, should there be any suspected cases of anti-competitive conduct.