NTUC FairPrice Eases Shoppers’ Burden: Absorbs GST Hike on 500 Essential Items in Early 2024
Singapore’s core inflation reached a 14-year high of 5.5% in January and February before dropping to 3.3% in October.
Amid economic challenges, the Goods and Services Tax (GST) is set to increase from 8% to 9% next year, 2% up from the previous 7% in 2022.
However, there’s good news for grocery shoppers at NTUC FairPrice – at least for the first six months of 2024.
On 4 Nov, NTUC FairPrice announced plans to absorb the 1% GST increase on 500 essential items.
This initiative will apply across all FairPrice supermarket retail formats, including online shopping.
The selection of 500 key essential items is based on customer purchasing habits and includes fresh produce, meat, staples, dairy, paper products, detergents, and household cleaners.
The enhanced discount scheme includes a monthly price freeze on 50 popular daily essential products and discounts of up to 50% on “Price Drop Buy Now” items, updated weekly and advertised through various channels.
Additionally, FairPrice offers over 2,000 housebrand items priced 10-15% lower than national brands, covering food and household essentials.
FairPrice’s commitment to affordability extends beyond this initiative.
They’ve previously lowered prices on popular rice and cooking oil products and offered special discounts on items like fresh eggs.
According to Group CEO Vipul Chawla, moderating the cost of living remains FairPrice’s core focus.
Their strategies include diversifying food sources globally and launching the “Greater Value Every Day” campaign to address rising living costs.
The company will also extend discount schemes for Pioneer Generation, Merdeka Generation, and Community Health Assist Scheme Blue members through Dec 2024.
Seniors aged 60 and above receive a 2% discount on Tuesdays, CHAS Blue cardholders get 3% off on Thursdays, and NTUC Union and Link Members can enjoy periodic discounts of 50% on selected items.
To sweeten the deal, there’s a 10% discount on cooked food via the FairPrice App for NTUC or Link Members who pay with the app, making grocery shopping a little more budget-friendly.
FairPrice manages Kopitiam coffeeshops, food courts, and the FairPrice Foundation, which has returned over $200 million to the community in 2022, with the same expected for 2023.
As FairPrice Group celebrates its 50th anniversary next year, it sure has lived up to its core focus.
And perhaps, it is only a matter of time before supermarkets like Giant and Sheng Siong follow suit, just like the previous GST hike.
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