The price of local fresh fish has risen by 20% so far this year, and it is expected that the price of fish will continue to rise until the Chinese New Year next year.
Some fishmongers interviewed told CNA, that the price of Spanish mackerel, commonly known as batang, was between $15 and $20 per kilo two months ago, but now it has risen by $5. Salmon and cod are also about $10 more expensive per kilogram than before. This has caused the fishmongers’ business to suffer as customers tend to buy less.
Inflation has also led some consumers to switch to cheaper frozen or farmed fish, said respondents who spoke to the news site.
Some consumers have turned to cheaper options, such as frozen or farmed fish. Inflation is more obvious in more expensive fish as the price difference seems substantial, said Alfred Goh, owner of Guang’s Fresh Mart.
“Over a long period of time you realise there’s been a significant increase in prices. This is probably worse off for hot ticket items like snapper, mackerel, cod and salmon. Those have seen much greater, more significant increase in prices as compared to cheaper fishes like kembong, kuning, and seabass,” said Mr Goh.
According to the report, the price of fresh fish imported from Malaysia and Indonesia has risen by about 20% on average this year. The situation is exacerbated by the reduction in fish catches. In addition, high fuel prices in Indonesia have also prompted local fishermen to reduce their fishing trips.
“Nowadays it’s difficult to predict the harvest. Maybe due to global warming. It used to be certain month you get certain fish, but nowadays we can’t predict,” said Mr Daniel Pe, chairman of the Punggol Fish Merchants Association.
The industry expects that the monsoon season will lead to a reduction in supply, coupled with the surge in demand for the upcoming festive season, the price of fresh fish will rise by about 10% to 15% in the next two months, and it will not fall back until after the Lunar New Year in January next year.