Hawker food prices rose by 6.1 per cent in 2023, the highest since 2008, according to a new study by the Singapore Department of Statistics (SingStat).
Common food items driving the price increases at these establishments were economical rice, chicken rice, fishball noodles and coffee/ tea. Noodle-based cooked food items exhibited the most substantial average price increase of 7.6 per cent in 2023, closely followed by beverages at 7.0 per cent and rice-based cooked food items at 6.3 per cent.
For example, the average cost of a plate of chicken rice was S$4.15 in 2023, up from S$3.40 in 2019, while the price of a bowl of fishball noodles went up from S$3.46 to S$4.13 in the same period.
The study, published on May 6, compared the prices of food across hawker centres, coffee shops and foodcourts, using the consumer price index for hawker food, which measures the average price changes across more than 100 hawker food items from 1,700 stalls. A total of 16 commonly sold food items and beverages were analysed.
Here’s an infographic from SingStat detailing the breakdown of the average retail price increases for hawker food from 2019 to 2023:
Nevertheless, hawker food inflation has since eased significantly to 4.1 per cent in December 2023, down from a peak of 8.3 per cent in January/ February 2023.
“They have since moderated because global energy and food commodity prices fell significantly between February and December 2023,” said the Ministry of Trade and Industry, pointing out that the Singapore dollar nominal effective exchange rate also appreciated.
“This abated cost pressures faced by F&B (food and beverage) service providers, including hawkers, in terms of imported raw ingredients, electricity and gas.”
It expects hawker food inflation to ease further in 2024 if cost conditions stay favourable. The global prices of most food commodities such as cereals, meat and dairy are likely to continue falling due to favourable global supply conditions, and the Singapore dollar trade-weighted exchange rate is gradually strengthening.
Featured Image Credit: Adobe Stock
