- Inflation is Real
Based on the Singapore Government statistics,
food-only inflation is 4.5% in May 2022 compared to May 2021.
Straits Times published an article on 21 June 2022 stating that inflation may double to 8.2% in the second half of 2022.
While these numbers may be staggering, the actual numbers might actually be far worse.
Because the reported numbers are what end-consumers are experiencing.
But what is not reported as much is how much is being absorbed by the various importers, wholesalers, and F&B outlets.
Take it from someone who has been in the wholesale food product business for the past year, and I can tell you, that prices have been increasing insanely!
Recommended Read:
What I Learnt During My 1-Year SGUnited Traineeship - Part 1
- Price Increases
Over the past year, these are the price increases we as wholesalers experienced.
MSG: +47%
Dried Seaweed: up 47%
Dried chilli: +32%
Soya bean: +31%
Ee-mee: +31%
Plain flour: +28%
Cooking oil: +24%*
Instant noodle: +23%
Refined Sugar: +17%
Salt: +14%...