Like your age, mooncake prices go up and never come down. Granted, they’ve never exactly been cheap to begin with.
Mooncake pricing is a combination of factors. For starters, good mooncakes require craftsmanship by experienced and expensive chefs, using premium ingredients.
Traditionally, mooncake filling is made from lotus seed paste, but they can also be made with cheaper red bean filling. Sometimes, lower-grade lotus seed paste is mixed with cheaper ingredients like green bean paste for volume.
Today, we take a look at how much prices of mooncake in Singapore have increased over the past five years.
[Warning: You might just stop buying mooncakes after this].
Why do mooncake prices keep going up?
Inflation data from the Monetary Authority of Singapore (MAS) and the Ministry of Trade (MIT) show that food inflation rose to 2.2% in March and 2% in February this year, so it is hardly surprising that the effects would have also spilled over to the mooncake market.
Despite soaring prices and slowing economic growth, Singaporeans continue to sweep the delicacy off shelves, as the tradition of giving mooncakes to friends, relatives and co-workers during the Mid-Autumn Festival still stands strong.
The good news is, folks who are big on the mooncake tradition, but are also keen to save a few bucks can always make a trip to Johor Baru.
The Mid-Autumn Festival is observed on the 15th day of the eighth lunar month each year when families would congregate and children would carry lanterns around the neighbourhood to celebrate the occasion.
Happy Mid-Autumn Festival, everyone!