LAUNCHED DURING THE 1973 global oil crisis, NTUC FairPrice was set up as a social enterprise to moderate the cost of living and ensure that quality essential items remained available at affordable prices. Over the years, FairPrice has stayed true to this commitment, even in times of crisis and economic challenges.
FairPrice maintains fair prices through sourcing goods strategically. Sourcing from multiple countries diversifies its bases and ensures that there are alternative places to import goods to meet demand should there be a supply shortage. FairPrice has also established contract farming agreements to ensure price stability and maintain quality standards. In the case of rice, FairPrice stockpiles at least three months’ supply of rice to ensure that in the event of crisis or emergency, the ready stockpile will be able to meet demand and keep prices stable.
This year, FairPrice is upholding its commitment to moderate the cost of living by holding the prices of 100 essential FairPrice housebrand products until June 30, 2020. The popular FairPrice Thai White Fragrant Rice 2.5kg and FairPrice Jasmine Fragrant Rice 11kg are part of the 100 housebrand items. The price hold will protect Singaporeans from price fluctuations, while setting a benchmark in the industry, and ensuring everyday essentials like rice remain affordable for all.