Eating out in Singapore is a popular pastime for many residents and visitors alike. With a diverse range of culinary options available, from hawker centres to fine dining restaurants, there is something to suit every taste and budget. However, according to findings from the Makan Index 2.0 report by the Institute of Policy Studies (IPS), the cost of dining out in Singapore is expected to rise relative to individual and household incomes in the future.
The Makan Index 2.0 study tracked the prices of 18 food and drink items commonly sold in hawker centres, kopitiams (coffeeshops), and food courts from September to November 2022 and January to February 2023. Researchers surveyed a total of 829 food establishments across 26 residential neighbourhoods in Singapore to gather data on price changes over time.
One of the key findings of the study was the significant increase in prices for many food and drink items. For example, Iced Milo experienced the highest relative price increase in the drinks category, rising by 6.98% or S$0.12. Breakfast sets, which include kaya toast, two soft-boiled eggs, and a coffee or tea, saw a 6.84% increase in prices on average.
In addition to these items, sliced fish soup, fishball noodles, and other popular dishes also saw notable price hikes between late 2022 and early 2023. These increases in prices suggest that dining out in Singapore may become more expensive for consumers in the future.
Regional price differences were also observed in the study, with certain items being cheapest in specific areas of Singapore. For example, drinks and chicken chop were found to be cheapest in the Central region, while the North region had the lowest prices for breakfast sets and fishball noodles. Prata, on the other hand, was cheapest in the West.
Overall, the researchers found that food and drink prices were lowest in hawker centres, followed by kopitiams and then food courts. However, certain items such as chicken rice and economic rice were cheapest in kopitiams, while the vegetarian bee hoon set was cheapest in hawker centres.
The study also highlighted the potential impact of rising food costs on individuals and families. On average, a meal (including a drink) of breakfast cost S$4.81, lunch cost S$6.01, and dinner cost S$6.20 across all neighbourhoods. This means that individuals may need to budget around S$16.89 per day for three meals at these eateries, totaling S$506.70 for a month of 30 days.
For a family of four adults, the cost of three meals a day would amount to an average of S$67.56. These figures underscore the importance of considering food expenses as a significant portion of monthly expenditure, especially as prices continue to rise.
In conclusion, the findings of the Makan Index 2.0 report suggest that eating out in Singapore is likely to become more costly in the future. As prices for food and drinks increase, consumers may need to adjust their budgets and dining habits to accommodate these changes. Despite these challenges, Singapore’s vibrant food scene continues to offer a wide range of culinary delights for residents and visitors to enjoy.