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Operators laud moves to diversify food sources, say more can be done to help local business compete against global players
Food import prices in Singapore are affected by global food commodity prices as Singapore imports more than 90% of its food. PHOTO: ST
[SINGAPORE] The Restaurant Association of Singapore (RAS) is calling for an expansion of food sources approved by the authorities while also exploring collective procurement, as local food and beverage (F&B) operators face stiffer competition and rising operating costs.
Benjamin Boh, RAS president, told The Business Times that the main challenge for the local…
SUBSCRIBERS
Operators laud moves to diversify food sources, say more can be done to help local business compete against global players
Food import prices in Singapore are affected by global food commodity prices as Singapore imports more than 90% of its food. PHOTO: ST
[SINGAPORE] The Restaurant Association of Singapore (RAS) is calling for an expansion of food sources approved by the authorities while also exploring collective procurement, as local food and beverage (F&B) operators face stiffer competition and rising operating costs.
Benjamin Boh, RAS president, told The Business Times that the main challenge for the local industry players remains the “relentless squeeze” from rising operating costs and the volatility of a market defined by rapidly shifting consumer preferences.
Food costs account for a significant portion of F&B expenses, typically 30 to 40 per cent, and have risen over the past decade – often outpacing food consumer price inflation (CPI) increases, he added.
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