SINGAPORE — Supermarket chain Giant will absorb the Goods and Services Tax (GST) increase that will kick in from Jan 1 next year on 700 essential products for the first six months of the year. 

Its parent company DFI Retail Group announced on Tuesday (Dec 26) that the decision to absorb the one percentage point increase in the tax is to ensure that “essential products remain affordable” and to allay the concerns many Singaporeans have about the cost of living.

The GST will be going up from 8 per cent to 9 per cent.

Mr Yoep Man, DFI Retail Group's managing director for food in Singapore, said: “As one of Singapore’s leading value retailers, our top priority is to ensure that essential products remain affordable."

In recent weeks, other retailers such as supermarket chains FairPrice Group and Sheng Siong have announced that they would absorb the increase for certain products for three to six months in 2024.

Furniture giant Ikea also announced on Dec 21 that it would not increase both its in-store and online prices to ensure that its home furnishing products “remain affordable for the many people in Singapore” amid rising costs of living.

DFI Retail Group, formerly known as Dairy Farm International, said that it has carefully selected 700 essential products based on customer feedback and data in a bid to ensure "maximum value" for its customers.

These products range from categories such as fresh produce, grocery, personal care and household items:

●  Leafy Vegetables 220g
●  Carrot (China)
●  Sweet Corn (Malaysia)
●  Royal Gala Apples
●  Meadows Milk 1L
●  Meadows Home Bathroom Tissue
●  Meadows Home Laundry Liquid
●  Meadows Assorted Biscuit
●  Meadows Canned Tuna
●  Meadows Mayonnaise
●  Meadows Granulated Sugar
●  Meadows Shredded Mozzarella
●  Meadows Ice Cream 1L
●  Meadows Pasta Sauce
●  Meadows Home Aluminium Foil
●  Vitapet Dry Cat Food
●  Yu Pin King Raw Peanuts

SENIOR CITIZEN DISCOUNT EVERY TUESDAY 

Besides absorbing the increase for six months, Giant is offering senior citizens a 4 per cent storewide discount every Tuesday, which will be in effect for the entire 2024.

This helps to address the rising concerns about the cost of living among seniors and to ensure that their "favourite" essential products remain affordable, DFI Retail Group said.

Giant said that it would also continue its Lower Prices That Last campaign, launched in 2020, to provide Singaporeans with essential grocery products that are fresh, of high quality and affordable. 

Shoppers may get these savings by signing up for the Yuu Rewards Club and earn points for every dollar spent at the same time. The accumulated points may be redeemed for rewards at more than 1,000 places, including Giant, Cold Storage supermarkets, CS Fresh supermarkets, Guardian pharmacies and 7-Eleven convenience stores. 

Mr Yoep said: “By absorbing the GST increase over a six-month period, coupled with Giant's ongoing initiatives like Lower Prices That Last, 4 per cent senior citizen discount, and Yuu Rewards Club, we hope that Singaporeans can continue to shop and enjoy their favourite essential products in the new year.”