The Consumer Council today (May 7) unveiled the results of its first bi-weekly price surveillance on staple foods and daily necessities, in a move to help relieve consumers against inflationary prices.
The primary goal is to enhance price transparency in the marketplace in times of inflation, and to provide consumers with price indications in shopping.
The Council will conduct surveys to compare the prices of a range of commodities at different retail outlets - (a) the major supermarket chains, (b) the small chains and individual grocery stores, and (c) the personal care chains and drugstores.
It will focus on one district at a time; stores in the district will be compared against others with customers from the same demographic area. The basket of products will also be changed each time to ensure reliable price comparisons.
In the first bi-weekly survey, conducted in the district of Wanchai, were included the prices of 15 commodities collected from 13 different outlets earlier this (Wednesday) morning.
Results of the price-comparison survey reflected more or less a similar pattern of price differences amongst these retailers. Price differences to the extent of 1.7% to 65.8% were recorded in all items.
Generally, the major supermarket chains are charging more for a number of items than the smaller grocery and drugstore outlets. However, occasionally, lower prices can also be found at big supermarket outlets especially when they offer the items as "specials".
The most noticeable price difference was found in the case of a brand of highly popular item, fried dace with salted black beans 227gm. It was sold for $19.9 at 1 supermarket chain outlet, whereas the same item could be bought for only $12 at a grocery store.
This price differential between the highest and the lowest represents a significant $7.9 or 65.8% saving for a hard-pressed household budget in times of inflation. Price savings could be found at the other outlets surveyed for the same item with prices at $14, $16.9, $17 and $18.9.
Following closely with high price differential was a brand of rice vermicelli 400gm ranging in price from $5 (at a frozen food store) to $7.4 (at 2 supermarket chain stores), a saving of $2.4 or 48%.
Other notable price differences included: chicken broth 1 litre $11.9 to $16.9 ($5 or 42%); corn starch 420gm $5.5 to $7.5 ($2 or 36.4%); condensed milk 370gm $9.2 to $12 ($2.8 or 30.4%).
Included in the survey were 1 brand of Thai fragrant rice 5kg from $43.9 to $48.5 (a price difference of $4.6 or 10.5%), and a corn oil 946ml from $32 to $37.9 ($5.9 or 18.4% price difference).
In the survey, one of the supermarket chain stores managed to score the lowest price of all outlets in 1 item - sesame oil noodle 100gm at $2.8.
It is noted that if consumers are prepared to accept bulk purchase - a sale tactic increasingly used by supermarket chains on some products - the price per unit will become notably lower.
The survey clearly shows that by shopping around and comparing prices consumers intent on beating inflation can achieve savings in the purchase of daily necessities.
Though important, price is only one factor taken into consideration by consumers who may very well have other preferences in their shopping.
Results of the price survey are available for reference of consumers at the Council's website, its Consumer Advice Centres as well as the Public Enquiry Service Centre of Wanchai District Office.