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Food manufacturers, importers feel the heat as ingredient costs rise
In January, core inflation rose to 2.4 per cent year on year, the highest since September 2012, driven by price increases for food, electricity and gas. Now, with the Russia-Ukraine conflict triggering a surge in commodity and petrol costs worldwide, how will these developments affect the food industry in Singapore? The Straits Times finds out. They also face supply disruptions as Russia, Ukraine are key grain and oilseed players
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Food importers and manufacturers here are increasingly concerned as the conflict between Russia and Ukraine continues to put pressure on the prices of wheat, corn and oilseeds, with some firms starting to feel the effects of supply disruptions and higher prices.
Russia and Ukraine are key players in the market for grains and oilseeds, which are the raw ingredients for flours and cooking oils. The flours, in turn, are used in many foods, from noodles to bread.
