PM Lee warns Singaporeans of rising food prices up ahead

SINGAPORE - Singaporeans are concerned by the higher cost of living, stemming from higher housing, certificate of entitlements (COEs), and crude oil prices.

However, we may also see an increase in raw food prices, said Prime Minister Lee Hsien Loong at a Cheng San-Seletar division National Day dinner celebrations on Saturday.

"One thing which I would like to alert you to if we look ahead is food prices. So far, it is actually not so much of a problem. But if you look forward over the next year or so, I think we may have to be concerned because in America, they are having a big drought now," he said.

He said the drought, the most severe one in nearly a hundred years, is affecting their crops.

"So when you buy tao huay zhui, I think you have to be prepared maybe it'll cost you five cents more. When you have ice kachang, maybe there will be less jagung (Malay for sweet corn) in the ice kachang," he said, referring to the reports of soya bean and corn supply crunch.

"But I think as long as the Singapore economy is doing well and as long as we have resources, we will deal with this," he added.

PM Lee also urged Singaporeans to tap on possible areas for success that will allow the country to stay ahead of the race in an ever-changing globalised world.

"Take advantage of these new opportunities to keep on moving forward," he urged, noting the importance of working together as one people and having the determination to advance.

'This is Singapore, we are special, let's show the world what Singapore can do," he said.

His message was echoed by Member of Parliament for the Cheng San-Seletar division within the Ang Mo Kio GRC Ang Hin Kee, who reminded residents to work with one another for the progress of Singapore.

"Everyone has a stake in this country of ours, so even as we pursue to build a better future for one and all, let's do it the Singapore way - which is the friendly way," he said.

Close to a thousand residents who attended the dinner had the opportunity to meet PM Lee face to face as he went round the community club toasting and mingling with them.

Residents also sang the national anthem and recited the pledge to commemorate Singapore's 47th birthday, which falls on August 9.