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In 2023, the private consumption expenditure on food and non-alcoholic beverages in Singapore amounted to around ** billion Singapore dollars. The private consumption expenditure on food and non-alcoholic beverages increased significantly in Singapore since 2020, as food prices increased due to inflation. 

Increase in food prices in Singapore due to inflation

In 2022, the private consumption expenditure in Singapore amounted to billion Singapore dollars. This was the highest amount in the last decade, resulting from a recovery from the COVID-19 pandemic but also the increase in prices of goods due to inflation. Food prices, especially, has increased significantly. For example, the average retail price of cooking oil in 2022 was approximately **** Singapore dollars per two-kilogram bottle, the highest price for this basic commodity in the last decade. The average retail price chicken, Singapore’s most consumed meat protein, increased to **** Singapore dollars per kilogram, from **** Singapore dollars per kilogram a year earlier.

Real wages have not kept up with inflation

While prices of everyday goods and services have increased significantly, growth in real income have not kept up. In 2022, the real change in median monthly household income in Singapore grew by just *** percent. This has led to many Singaporean households planning to cut down on leisure spending, especially on out-of-home food spending.