Supermarket chain NTUC FairPrice announced today that it will continue to freeze the prices of nine of its housebrand rice from Thailand and Vietnam till December 31.
Rice prices were frozen in November last year amid concern about rising prices due to the flood and governmental legislation in Thailand.
FairPrice took the lead to freeze the prices till end June 2012, but has now extended it till year end.
Explaining its decision to the price freeze, managing director for group purchasing, merchandising and international trading for NTUC FairPrice said: "Inflation has remained high over the last year. As rice is a daily staple for most of our customers, we have decided to keep rice prices stable so as to help our customers stretch their dollar as we have done so through the years.
"Despite fluctuations in rice prices by as much as 10 per cent over the past two years, we have managed to keep our housebrand rice prices constant."
FairPrice is one of the major rice importers in Singapore and stockpiles more than three months' supply of rice to ensure reliability of supply and stability of rice.