MyPoint: Profiteering in fruit price hikes?

MyPoint: Profiteering in fruit price hikes?

The Consumers Association of Singapore should investigate whether there were profiteering elements in the increase in fruit prices that has been blamed on the hot and dry weather, the seasons and freight costs ("Hot, dry weather in Asia drives up price of fruit"; yesterday).

If indeed the wholesale price of a crate of 125 Fuji apples from China doubled to $40, then why are fruit stores selling the apples at 60 cents from 40 cents each, when the price should be around 55 cents?

Five cents may seem negligible but it could mean extra profit for the fruit stores if accumulated with the price increase for other fruits.

Wholesalers also blamed freight costs, but according to the China Forwarders Freight Index, the cost of shipment from China to South-east Asia fell between April and this month.

Francis Cheng

This article was first published on June 26, 2014.
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