Chinese New Year is just slightly more than a month away, but the annual Chinese New Year price hikes are already here.
Well, I guess it’s just another day in the most expensive city in the world.
Prices of Seafood Set To Rise Nearing Chinese New Year
Malaysia has been having a very wet December thanks to the Northeast monsoon, affecting their seafood supply and prices.
Mr Ang Jwee Herng, the President of the Singapore Fish Merchants’ General Association (SFMGA), shared that seafood prices tend to increase during rainy seasons.
He added that this year, the rainy season brought about an increase in Singapore’s seafood prices, but fortunately only by less than 10%.
You can watch this video to find out more about the effect the recent weather had on Singapore’s seafood prices:
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Since our nation gets our seafood supply from multiple countries such as Malaysia, Indonesia and Thailand, our seafood supply fortunately remains stable as well.
However, that doesn’t mean that we’re off the hook.
As Chinese New Year looms nearer, we can expect prices of seafood to increase by up to 20% as demand for seafood continues to climb.
That pescatarian diet you planned out for your New Years’ Resolution? Well, unless you’re willing to break the bank, it has to wait…
A representative from the Punggol Fish Merchants’ Association shared that the Chinese New Year price hikes are likely to affect only a few types of seafood.
So if you’re trying to avoid these hiked up prices, you should avoid buying pomfrets, squids or red groupers on your next grocery shopping trip.
Other seafood like the mackerel fish will remain at a price similar to its current one, while seafood like uni will remain at a price out of reach for your empty wallet.
Better to save up some money so you have something to put in your ang paos.
Further, the stringent regulations imposed due to COVID-19 have been eased, so you no longer need to hide your extra relatives’ shoes for reunion dinner this time.
Wait, what? Just kidding.
More families are likely to get together for their reunion dinners this upcoming Chinese New Year, which will certainly increase the demand for seafood.
And you can definitely see why.
Just think of all your classic reunion dinner dishes and how much seafood there is: Har Lok, Teochew-style steamed pomfret, Buddha Jump Over The Wall and so much more. Not to forget all the abalone that seems to be in almost every Chinese New Year dish.
You’ll notice we left out shark fin soup—well, if the King of Mandopop, Jay Chou, is asking us not to buy it, then we’re not buying it.
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Mr Lim from FishMart Singapore also shared that seafood prices during the upcoming Chinese New Year period could be 5 to 10% higher than seafood prices during the previous Chinese New Year period.
He also revealed that the profits earned by wholesale seafood merchants have been falling, given the large number of locals currently overseas and declining business at wet markets.
If profits continue to fall, some of these wholesale seafood merchants might leave the industry, further affecting seafood supply and pushing prices upwards.
Well, I guess if you order fish at a cai png store now, at least you’ll be making your own little contribution to supporting Singapore’s seafood industry.
It’s definitely a better option than ordering meat-priced cauliflower.
Prices of Fruits and Vegetables Volatile
The Singapore Fruits & Vegetables Importers & Exporters Association shared that the recent weather will not have a large impact on the supply or prices of fruits and vegetables in Singapore, as there are also other factors affecting it.
Two weeks ago, prices of tomatoes fell as there was a surplus of tomatoes produced. However, the recent downpours have hindered tomato harvests, affecting the supply.
Currently, prices of tomatoes are 80% higher than what they were two weeks ago.
This isn’t an excuse for you not to eat your vegetables. But if you’re cash-strapped, maybe avoid buying tomatoes this week.
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