FPG’s role to help defray the rise in GST was highlighted by the PM on Aug 21: “The government has been stabilising prices through various policies. In 1973, NTUC established NTUC Welcome, the predecessor of today’s NTUC FairPrice. Its social mission was to ensure that Singaporeans could purchase necessities at affordable prices. Fifty years later, FairPrice is now the largest local supermarket chain. It plays a leading role maintaining costs at a reasonable level, so Singaporeans can continue to buy affordable and good-quality goods. As a result, other supermarkets have no choice but to emulate FairPrice by offering their own house brands and promotions.”
During the National Day Rally speech on Aug 21, Prime Minister Lee Hsien Loong addressed inflation head-on. GST is set to rise by a further one percentage point to 9% on Jan 1, 2024. This year, GST was raised to 8% on Jan 1, from 7% last year.
Earlier this year, FairPrice supermarkets — which are under FairPrice Group (FPG) — offered a 1% discount for six months on some 500 items that are consumed on a regular basis.
