SINGAPORE – Local baking supplies provider Phoon Huat will be freezing prices of at least 100 daily essentials for the month of June to help Singaporeans cope with rising costs.
The price freeze has been rolled out at all 19 of its RedMan and Phoon Huat stores islandwide and is exclusive to members of its RedMan Rewards loyalty programme, the company said. Membership is free.
The effort will cover baking staples and pantry must-haves, including flour, chocolate, shortening, whipped cream, butter and milk powder.
Prices will also be kept stable for breakfast items including Nutella, nuts and cornflakes, as well as meal essentials such as pasta, tomato sauce and curry pastes, said Phoon Huat.
Items under the initiative will have a blue Price Freeze tag.
The move comes as worldwide supply chains remain volatile and international freight costs surge by more than 20 per cent, the company said.
“Phoon Huat – which imports close to 90 per cent of its products globally – continues to face mounting operational pressures and escalating costs.
“Instead of passing these increases directly to consumers, the company has chosen to absorb part of the impact to help Singapore households, home bakers and families better manage daily expenses.”
In May, FairPrice Group announced that it would freeze the prices of more than 500 essential products in its supermarkets from June 1 to Aug 31, in view of the lingering economic pressures brought on by global supply chain disruptions amid the war in the Middle East.
The price freeze covers pantry staples such as FairPrice house-brand rice, cooking oil, eggs, vegetables, fresh and frozen meat and milk, as well as senior and baby care products.