Prices of everyday goods and services are going up, and by now, this would not surprise many. Headline inflation, or CPI – All items in Singapore, which is used as a measure of consumer price changes in the economy, rose to 5.6% in May, the highest since late 2011.
With external inflationary pressure continuing to remain strong, crude oil prices and prices of other commodities such as food are expected to remain elevated in the near term. The MAS Core Inflation is forecasted to pick up further in the coming months before moderating towards the end of the year as some of the external inflationary pressures recede.
Given that prices of most goods are increasing, we have decided to break away from our usual inflation watchlist format of highlighting 7 items that have become more expensive. Instead, in this May inflation watch, we will highlight items that got cheaper compared to their April prices.
Here are 5 items that got cheaper in May 2022 based on the Singapore Consumer Price Index.
Note: these figures are based on May 2022 CPI numbers with references to April 2022 (as the month-on-month change) and May 2021 (as the year-on-year change).
#1 Fruits (Decreased by 4% For Grapes)
Fruits are an important source of vitamins and fiber. Though there are many varieties, the Singapore Consumer Price Index, only tracks the prices of Bananas, Papaya, Watermelon, Grapes, Oranges, Apple, and Pear.
| Item | Price – May 2022 | Price – April 2022 / (month-on-month change) | Price – May 2021 / (year-on-year change) |
| Grapes (Per Kilogram) | $11.76 | $(0.52) / 4.23% | $0.39 / 3.43% |
| Papaya (Per Kilogram) | $2.29 | $(0.03) / 1.29% | – |
Amongst the different fruits, prices of Grapes per kilogram saw the biggest drop of 52 cents, or around 4%, in May compared to April 2022. However, the current prices are higher by 39 cents, or 3%, compared to last year’s May 2021 prices.
The other fruit that saw a marginal drop was papayas, which dropped by around 3 cents, or 1% from a month-on-month comparison. However, there is no change in the current price compared to the same period last year. So, if you need a daily intake of fruits, now you know which two fruit types offer the best value for money.
#2 Fish (Decreased by 3% For Golden Snapper)
Fish prices in Singapore and Malaysia have been going up due to limited supply caused by unfavourable weather and labour shortages. Prices of most fish items, such as Threadfin (Kurau), Salmon, White Promfret, and Flowery Grouper, have gone up between 3% and 8% in May compared to the previous month.
| Item | Price – May 2022 | Price – April 2022 / (month-on-month change) | Price – May 2021 / (year-on-year change) |
| Golden Snapper (Per Kilogram) | $19.08 | $(0.69) / 3.49% | $(0.14) / 0.73% |
| Cod Fish (Per Kilogram) | $66.76 | $(0.14) / 0.21% | $4.37 / 7% |
However, going against this trend are the Golden Snapper and Cod fish. The Golden Snapper has decreased in price by 69 cents per kilogram, or 3.49%, compared to the previous month and is slightly cheaper by 14 cents than the price a year ago (May 2021). As for Cod fish, it had a nominal price drop of 0.21% in May compared to April prices. But when compared to last year’s May 2021 prices, Cod fish have risen by $4.37 per kilogram, or is around 7% more expensive.
So, if you’ve been sticking to only one or two types of the expensive fish varieties (i.e., salmon or flower grouper) all this while, you could switch to these two fish types to stretch your budget for your protein and Omega-3 intake.
Read Also: 4 Investments That Naturally Hedges Against Inflation In Singapore
#3 Pork (Decreased by 3% For Lean Pork)
There’s not much good news for meat lovers, especially given that most of the meat items like Beef, Chicken, Mutton, and Pork have generally gone up in price. The biggest increase is seen for chilled chicken wings, which have gone up by 98 cents per kilogram, or 9.6%, in just one month.
| Item | Price – May 2022 | Price – April 2022 / (month-on-month change) | Price – May 2021 / (year-on-year change) |
| Lean Pork, Chilled (Per Kilogram) | $14.68 | $(0.52) / 3.42% | $(0.50) / 3.29% |
Well, depending on your preference for meat, there is still one item that meat lovers could consider substituting. Prices of chilled Lean Pork have decreased by 52 cents per kilogram, or 3.42% for May, which is also lower than last year’s May prices by around 3%.
Read Also: Step By Step Guide To Redeeming Your CDC Vouchers
#4 Rice (Decreased by 3% For Premium Thai Rice)
Rice is a staple food in our Asian diet. Unless, of course, you’re on a ketogenic diet. According to the US Rice Federation, there are over 120,000 varieties of rice in the world. Even in Singapore, you may find consumers choosing between the different parboiled rice and brown rice varieties to eat more healthily.
| Item | Price – May 2022 | Price – April 2022 / (month-on-month change) | Price – May 2021 / (year-on-year change) |
| Premium Thai Rice (Per 5 Kilogram) | $13.01 | $(0.42) / 3.13% | $(0.53) / 3.91% |
However, the Singapore Consumer Price Index only tracks the price of premium Thai rice. According to the May 2022 figures, prices are down by 42 cents per 5 kilograms, or around 3%, compared to the last month’s April price. The current price is also cheaper by 53 cents, or around 4%, compared to last year’s May prices.
Prices of other carbohydrate substitutes, like bread and instant noodles, were relatively unchanged based on a month-on-month comparison.
Read Also: Shrinkflation: What Is It (And How It Affects You As A Consumer)
#5 Seafood (Decreased by 1.85% For Squids)
Having a sumptuous seafood meal or even a Mookata could be the choice of dinner gathering between old friends, especially now that the safe distancing measures (SMMs) have been lifted and a bigger group of us can dine together.
| Item | Price – May 2022 | Price – April 2022 / (month-on-month change) | Price – May 2021 / (year-on-year change) |
| Squids (Per Kilogram) | $18.00 | $(0.34) / 1.85% | $0.53 / 3.03% |
Looking at the Singapore Consumer Price Index, you might be wise to avoid medium-sized prawns, which have gone up by a whopping $2.61, or around 14% last month. Instead, you can consider substituting it or having more Squids. Squid prices are down by 34 cents per kilogram, or 1.85% compared to last month, but compared to last year’s May prices, they are higher by 53 cents, or 3%.
Read Also: Coping With Inflation In Singapore: What Can MAS Do (And At What Cost)?
The post Inflation Watch: Here Are 5 Items That Got Cheaper Despite Core Inflation Rising To A High Of 3.6% In May 2022 appeared first on DollarsAndSense.sg.
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