Unlike past seasons when price hikes of 10 to 20 per cent were common, the cost of most items has remained flat this year.

In fact, prices of several must-haves, like mandarin oranges, have dipped, said suppliers, retailers and manufacturers.

Ban Choon Marketing, which supplies mandarin oranges from China and Taiwan, said the price fell by 10 to 15 per cent.

A box of 46 China lu kam costs between $11 and $12.

Major supermarkets like Cold Storage, Giant and Sheng Siong said prices of most festive items are comparable to last year's.

Smaller retailers which sell traditional Chinese cookies are also not raising prices.

Said Mr Chan Kim Ho, 66, owner of Poh Guan Cake House: 'The economy is very bad. We want to protect our customer base so we're absorbing the increase in cost.'

Read the full story in tomorrow's edition of The Sunday Times.