Instances of Price Escalation Attributed to Recent GST Increase to 9%

40 Mr Edward Chia Bing Hui asked the Minister for Trade and Industry (a) whether there has been an increase in the number of complaints lodged with the Committee Against Profiteering since 1 January 2024, regarding elevated charges by companies attributing price adjustments to the recent GST hike to 9%; (b) whether the Ministry has observed any instances of price escalation occurring simultaneously among enterprises operating within similar sectors; and (c) whether the Ministry intends to scrutinise such instances for any potential breach of competitive market practices.

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 Goods and Services Tax (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.