“God” also cried when inflation spread to the family tray
“God” also cried because of the storm
Chicken ricea delicious, cheap specialty dish, and also the favorite and most popular dish of Singaporeans, is getting more and more expensive.
“Chicken rice is my favorite dish because it’s easy to eat and easy to find,” said Rachel Chong, a Singaporean. The price for a set of chicken rice at Rachel’s “intestinal restaurant” called Ah Keat Chicken Rice, costs about 2.9 USD.
However, recently, chicken rice is decreasing and the price is higher because chicken, the main ingredient in the dish, is restricted for export. “If the supplier increases the cost, the price of the finished product will go up a lot. That makes it difficult for us to do business,” said Mr. Foo Kui Liam, owner of a famous chicken rice restaurant chain in Singapore. know.
Chicken rice in Singapore becomes expensive when the supply of imported food is scarce (Photo: Bloomberg).
Singapore is one of the wealthiest countries in Asia, but the country still relies heavily on imported food, up to 90%. According to a recent report by the Singapore Food Association, nearly 50% of the chicken consumed annually in Singapore is imported, of which 34% comes from Malaysia, 49% from Brazil and 12% from the US.
Malaysia’s ban on chicken exports has led to long lines of diners in front of chicken rice stalls in many food streets in Singapore. “I’m waiting in line to buy chicken rice. I will try to enjoy this dish as much as possible, before it becomes rare and the price increases in the near future,” said Mr. Lucielle Tan (Singapore) shared with CNN.
Malaysia’s export ban has not only worried Singaporean diners, chicken rice restaurant owners have also expressed concern about rising costs forcing them to raise prices as supplies are shrinking.
Lim Wei Keat, owner of Ah Keat Chicken Rice restaurant, said his restaurant does not want to raise prices even though the Malaysian chicken supplier has increased prices by about 20% since the beginning of this year. “We don’t want to increase the price of dishes for fear of losing customers. What we hope is to be able to withstand this price for another month. In the worst case, we are forced to increase the price by 0.36 USD for the restaurant. per disc”.
Mr. Lim is also worried about the supply of chicken meat in the near future. To make up for this shortfall, he will probably have to use frozen meat instead, but this ingredient is not very popular with many customers. “If the ban is prolonged, we will be in big trouble,” said a chicken rice restaurant owner in Singapore’s food street.
The Singapore government also encourages consumers not to be too worried about the export ban, and should only buy necessary food, to avoid hoarding. “This time it’s chicken and next time it might be something else. We need to be prepared for the worst possible scenario,” warned Singapore Prime Minister Lee Hsien Loong.
Fear of rising inflation
Not only Singapore, many other countries around the world are also struggling with high inflation. According to CEIC, annual inflation in Egypt hit 13% in April. In Ghan, Iran and Argentina, inflation figures were 24%, 36% and 58%, respectively. In Lebanon, annual inflation hit 207% last month.
“Overall, I think the export bans will put more pressure on food prices,” said Priyanka Kishore, economist at Oxford Economics.
As commodity prices in the world soar, a number of countries have enacted bans or restrictions on the export of key foods to ensure domestic supplies.
Recently, Malaysia ordered to stop exporting chicken, Argentina banned the export of beef, Ghana banned the export of corn, rice and soybeans. Iran stops exporting potatoes, eggplants and tomatoes. Egypt bans the export of beans, olive oil, red lentils, wheat, corn and cooking oil. India decided to ban wheat exports and limit sugar exports abroad. In April, Indonesia also suspended palm oil exports to stabilize domestic cooking oil prices and the ban was lifted in May.
The move was made by countries after a sharp increase in global food inflation. The Food and Agriculture Organization of the United Nations (FAO) Food Index Price Index for foods including meat, dairy, grains, vegetable oils and sugars reached 158.5 in April, up 30% from a year earlier. previous year.
Consumers around the world struggled in the storm of commodity prices (Photo: Foodinstitute).
Major economies such as the US, Japan, UK and Australia have also imposed restrictions on food exports. However, their restrictions are only aimed at Russia as part of sanctions against Moscow.
“For developing countries and low-income households, food prices go up, up,” said David Laborde, a senior research fellow at the International Food Policy Research Institute in Washington. ladder is a matter of great concern.”
Mr. Laborde also warned of the dire impact of export restrictions on consumers, especially those with low incomes. “While the food remains the same but the price is more expensive, the poor are the first victims. They will even have to cut spending on health or education.”
According to Akio Shibata, President of the Japan Natural Resources Research Institute, the food supply chain has been globalized. In recent years, this trend has been reversed due to many factors such as increased demand in emerging economies such as China, climate change and supply chain disruptions due to the Covid-19 epidemic.
Paul Teng, a professor at the S. Rajaratnam School of International Studies, said that when countries restrict exports, the supply chain will suffer from manufacturers, retail chains and customers. “Some manufacturers are worried about future operations. As a retailer, if you increase the price of items, customers will leave and not buy from you,” said Mr. Teng.
Professor Teng predicts that inflation in the prices of food and other necessities will increase as the conflict between Russia and Ukraine does not subside.
Unlike Mr. Teng, Priyanka Kishore at Oxford Economics said that by mid-2023, the price of food and energy goods will fall by 10-15% from a year earlier, helping to cool down global inflation. “Commodity prices will fall. Although prices are still at record highs, they will not be able to continue going up,” Ms. Kishore said.
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