Retail businesses in Singapore are grappling with higher costs as rents rise and energy prices soar, the Singapore Retailers Association said.

Cost pressure is a big concern for many Singapore retailers which have not completely passed on price increases to consumers, and are currently feeling the “margin squeeze,” Ernie Koh, the association’s president told CNBC’s Street Signs Asia Tuesday. 

Singapore utilities company SP Group announced that electricity tariffs will be bumped up by about 8% compared to the previous quarter from July to September. 

“The increase is mainly due to higher energy cost driven by rising global gas and oil prices exacerbated by the conflict in Ukraine,” SP Group said.

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