Food prices increase to welcome Lunar New Year

Like a chronic disease, the prices of many goods increase at the end of the year, especially essential food items. Although they have gone to the Tet market a month early, many housewives cannot cope with the increasing market prices.

Compared to a month ago, live pigs and pork parts at Hoc Mon wholesale market have increased by 3,000 VND/kg; pork imported to Binh Dien wholesale market from 48,000-49,000 VND/kg has also increased by 10, up to 55,000-58,000 VND/kg. Beef retailed at small markets, which usually fluctuate less, has also increased by an average of 10,000 VND/kg. At markets in districts 1, 3, Phu Nhuan... beef thigh meat has increased from 230,000 to 240,000 VND/kg; beef tenderloin from 270,000 to 280,000 VND/kg. Spices have also increased dramatically. Chili from 40,000 to 60,000 VND/kg, garlic increased from 70,000 to 80,000 VND/kg...

Ms. Huong, on Lac Long Quan Street, District 11, said: “Because of concerns about food safety issues, this year I had to prepare most of the food for Tet myself. Anticipating that prices would increase near Tet, I prepared quite early this year, but the prices have increased quite a lot compared to 1-2 weeks ago. Even though I went to the wholesale market to buy food, the prices here increased every day.”

In fact, the current large difference in prices of products and goods is due to the sellers. Many small traders even try to set sky-high prices so that customers will gradually bargain down.

Meanwhile, the management agencies have not clearly demonstrated their role and responsibility in stabilizing the market, especially essential goods. This is also one of the reasons for the current "chaotic" prices of products and goods.

Ms. Thu, a pork trader at Binh Dien market, said: “Currently, the supply of pork on the market is very low, and farmers are not willing to sell and are hoarding their goods to wait for Tet, so the price of pork has been pushed up a lot. Currently, purchasing power has started to increase, but it is still very difficult to place orders at slaughterhouses or farms because, according to them, it is not yet time to ship the goods.”

Mr. Hung, the owner of a pig farm in Cu Chi, is calmly waiting for the day when the price is good to sell his pigs. Specifically, his family has a herd of nearly 100 pigs that are ready to be sold. However, up to now, he has no intention of selling them but will wait until near Tet, when the price is high, to sell them to the market to make a big profit.

Not only pork prices have increased, fruit prices have also increased rapidly. Banana prices have increased by 50%, grapefruit prices have increased by 10-20% compared to the end of November. Other fruit prices have also increased simultaneously, causing consumers to hesitate to shop during the upcoming Lunar New Year. Along Ba Chieu and Thu Duc markets, prices of most food products have increased sharply, with increases ranging from 7,000 to 20,000 VND/kg, depending on the type, compared to November and previous months.

Ms. Le Thi Loan, a trader at Ba Chieu market, said: “It is difficult to keep prices normal at the market because it is difficult to import large quantities of goods at this time. The suppliers have not yet supplied goods, so they are waiting for the time near Tet to supply goods in the hope of getting a good price. Business only depends on Tet for buyers to spend more money, so it is normal for prices to increase a little bit during Tet.”

At the end of the year, people continue to face other "price storms". A series of confectionery products have increased in price, and the prices of essential goods have also shown signs of starting in recent days. Most clearly, consumers' "thirst" for beer has not yet appeared, but beer prices have been increased to welcome Tet and meet demand.

Ms. Nguyen Phuong, an employee of ACB bank (District 3) said: “Learning from last year’s experience, I waited until the 26th of Tet to receive my Tet bonus from the agency to go shopping, having to buy expensive things and having to jostle and queue, this year I proactively withdrew my savings to shop for Tet early. Every year, the authorities confirm that there is an abundance of goods in reserve, ensuring that prices will not increase, but in reality, every year, on the days leading up to Tet, prices increase rapidly. This year, I have been shopping for Tet for more than a month, but prices are already starting to increase every day.”

According to VietnamNet