PRICE TAGS

Mr S. V. Lingam asked the Minister for Finance if he will consider asking shopkeepers to display price tags on important consumer goods such as rice, sugar, flour, etc.

Dr Goh Keng Swee: The increase in the price of rice in Singapore has been due to a general increase in prices of rice in the world market. There is adequate rice in Singapore and the retail price of rice in Singapore, although it has been higher than in the past, is mainly determined by the supply and demand of the world market for rice, since Singapore produces no rice of its own.

Apart from the increase in the price of rice, the prices of sugar, flour, cooking oil and other essential commodities have not shown any substantial increases.

There is therefore no pressing need to ask shopkeepers to display price tags. Apart from the fact that price tags do not serve a very useful purpose, in view of the grades of the various commodities concerned, especially that of rice, such a display of price tags may mislead the public to think that there is a shortage of these essential commodities, and may unnecessarily cause a rush to hoard these commodities.

Arrangements, however, are being made to broadcast twice daily in the four languages the average price of rice, sugar, wheat flour and other essential commodities.