Lim Hng Kiang, Cost of Living
Food price increases 'not as bad as in 2008'
Published on May 15, 2012 6:00 AM
Food prices have risen, but they are nowhere near the peak of 2008, Trade and Industry Minister Lim Hng Kiang said.
Prices then soared nearly 8 per cent because of bad weather and a global supply shortage, Mr Lim recalled on Monday.
But the rate of increase has since slowed, to 3.1 per cent last year and below 3 per cent in February and March this year, he added.
To show the difference, he pointed to the price of white rice, which peaked at $1,300 per tonne in 2008, but has stayed fairly stable around $700 this year.
To continue reading, log in if you are a subscriber
Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!