Giant to absorb GST hike on 700 essential items in first half of 2023
Shoppers at supermarket chain Giant will for the first six months of 2023 have the GST increase of one percentage point absorbed on more than 700 essential items.
The goods and services tax is set to go up from 7 per cent to 8 per cent from January 2023.
Some of the 700 items in Giant’s list are Darlie Fresh and Bright toothpaste, which is currently sold at $4 for two 140ml tubes, and Simply Living sponges, which are going at $3.10 for three.
Also on the list are royal gala apples, which cost $2 for five, and Meadows potato chips, which cost $1 for a 60g bag.
Giant, which is owned by DFI Retail Group, has also committed to keeping prices of some essential products stable through its Lower Prices That Last campaign, DFI said on Friday.
The campaign was launched in 2020 to help cushion the impact of the Covid-19 pandemic, and affects groceries, and personal care, household and fresh goods.
DFI added that the chain, which operates more than 50 outlets in Singapore, will also continue its senior citizen discount programme, which gives a 3 per cent storewide discount to all citizens or permanent residents aged 60 and above on weekdays.
The programme started this year. DFI said: “This initiative will continue in 2023 to ensure that the more vulnerable groups in Singapore can continue to shop and purchase their daily essentials with a peace of mind.”
The marketing director of DFI’s Food and Own Brand for South-East Asia, Mr Lee Yik Hun, said: “With the GST increase in 2023 and looming economic uncertainty, many Singaporeans are concerned about the rising cost of living and are looking for ways to save on their daily expenses.
“As a value retailer, our top priority is to ensure that Singaporeans can purchase essential food and household products at affordable prices.
“By absorbing the GST increase for six months, along with Giant’s existing initiatives such as Lower Prices That Last and senior citizen discounts, we hope to help Singaporeans ease their budgetary concerns and keep living expenses low.”
DFI added that given the popularity of its Meadows and Giant house brands, it will offer more of such products in 2023.