SINGAPORE: Supermarket chain Sheng Siong said on Thursday (Apr 23) it will continue to keep essential items affordable despite rising global costs linked to the war in Iran.
The conflict in the Middle East and blockade of the Strait of Hormuz have led to trade rerouting, higher energy prices and increased freight costs.
The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI), in releasing Singapore’s latest inflation figures, had warned that the country’s imported cost pressures are expected to pick up in the months ahead.
“While there may be some upward pressure on costs and prices, the group will continue to do its best to keep essential items available, affordable and competitively priced for customers,” said Sheng Siong.
On potential supply chain disruptions, the supermarket chain said that the more immediate impact of the Middle East conflict is likely to be higher global costs arising from rising fuel, fertiliser and packaging prices.
