Complaints about Raised Prices Due to GST Increase and Feedback on Businesses Increasing Prices Together

15 Ms Joan Pereira asked the Minister for Trade and Industry (a) whether there has been a significant increase in the number of complaints received by the Committee Against Profiteering since 1 January 2024 about businesses raising their prices, citing the increase in GST to 9%; (b) whether there has been feedback received about businesses in the same industry raising prices together at the same time; and (c) whether the Ministry will be investigating such cases for potential violations of anti-competition regulations.

Mr Gan Kim Yong: The Committee Against Profiteering (CAP) reviews and investigates feedback on unjustified price increases of essential products and services that use the GST increase as an excuse. The CAP has not seen a significant increase in such feedback in January 2024 and has not received allegations of anti-competitive behaviour during this period.