Friday , March 1 2024

Food prices drop as gasoline turns cheaper

Food prices have been falling by 5-10 percent at traditional markets following the recent decline in gasoline prices, while supermarkets are offering promotions to boost sales.

At traditional markets, pork prices are 6 percent down at VND160,000 ($6.84) a kilogram, and pangasius fish is 8 percent cheaper at VND60,000.

Hoa, a vendor at Can Cu Market in HCMC’s Go Vap District, said she reduced her prices Thursday morning, but demand was still low, and she had to sell a portion at even lower prices.

Gasoline prices have fallen four times and by a total of 22 percent since June 21.

Supermarkets and grocery stores are also cutting prices of some products.

A 24-pack carton of Tiger beer is 7 percent down to VND365,000.

Trung Nguyen coffee prices have been cut by nearly 14 percent to VND50,000.

Cooking gas prices have fallen by 5 percent to VND430,500 per canister.

Supermarket media representatives told VnExpress they are negotiating with suppliers to bring prices down to stimulate demand.

The WinMart chain is selling some products at 10-20 percent lower than average market prices.

Saigon Co.op and MM Mega Market are offering discounts of up to 50 percent on some products.

But the prices of eggs and processed foods are not down yet, with producers saying they still face high costs.

A CEO of a food company in HCMC said gasoline only accounts for 5-10 percent of selling prices and therefore he has not reduced them yet.

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