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Wednesday, October 15, 2014

Toll hike to push up food prices in Singapore

Higher transport charges will be passed on to the consumers.
singapore1.jpg1PETALING JAYA: The Causeway toll rate increase will also result in food prices going up in Singapore, its Trade and Industry Minister, Teo Ser Luck, said.
“Some of our food imports, lifestyle and furniture products are transported via the Causeway and the higher transport cost may be passed on to consumers,” Singapore news and opinion portal The Real Singapore quoted the minister as saying in Parliament yesterday.
He said the Causeway toll increase would affect the profit margins of some Singapore-based small- and medium-sized enterprises.
“The impact on economic activity is likely to be small because land transport charges constitute about 3% of the total business cost for companies in the manufacturing sector and 1% for those in services,” he said.
However, he added that any such impact on consumers was expected to be small, as most of Singapore’s food imports and lifestyle and furniture products were still transported by sea or air.
Teo said the government would continue to monitor the impact of the toll rate increase.

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