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2026-04-08 11:22:46
[Middle East Conflict Drives Up Energy Prices, Rising Costs Pressure Singapore's Food and Beverage Industry] The Middle East conflict has led to rising energy prices, and the sharp increase in energy prices has pushed up transportation and raw material costs, putting significant pressure on Singapore's food and beverage industry and other sectors. Zhou Jiameng, Chairman of the Tong Lok Catering Group and Vice President of the World Federation of Chinese Catering Industry, stated that there has indeed been a noticeable impact, as electricity and gas account for approximately 5% to 8% of restaurant costs. Imported ingredients, such as seafood, beef, and dairy products, have seen particularly significant price increases, primarily due to rising energy costs, which have increased transportation, cold chain, and production costs. Exchange rate fluctuations and global supply shortages are also contributing to the impact. Because of intense competition in Singapore's food and beverage market, despite the rising costs, most businesses have not yet raised prices and are working to increase supply channels to ensure food sourcing. (CCTV News)
