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Inflation up 2% next year

Johnson Choo wrote in Today about inflation probably hitting a record 2% next year. Statistically, depending on the formula and the basket of goods, the number may be right. But with 2% increase in GST and the way prices are shooting to the sky, who will ever believe that inflation is only 2%? This morning I bought a pack of horse hoof pastry, made in Malaysia, in pink plastic bag without brand. It costs $4! It was only a couple of months back when it cost $2.20. I took out both my hands and try to use my fingers to count how many percent increase was that. Even with my toes, still not even for the change. Anyone still believe that everything is ok? Johnson added, 'Even so, to the man in the street, the pinch may feel harder than the cold inflation numbers would indicate.' The GST offset will definitely help the poorer Singaporeans. Their life is getting better.


Anonymous said...

Just take those speculation with a tinge of salt. People like him have their agenda and are just towing the line.

Anonymous said...

he wants horse hoof pastry and he complains abt the price? sounds like an idiot to me.

redbean said...

i dunno how smart you are. this idiot's monthly income happens to be in 5 figures.

maybe 5 times your income. so he must be 5 times an idiot than you : )

Anonymous said...

my monthly income happens to be 5 figures too, isnt yours?

but you are right, redbean and I are idiots no doubt abt that. we are all idoits here..

redbean said...

a sense of humility is very healthy :n)

Anonymous said...

aye bro, it is the bull run of the century how come you are not getting 6 figures in the financial industry?

redbean said...

cld have been if they have not cut the commission rate so badly. we are getting less than 1/3 what we used to get.

they think our job is so easy. we face credit risk, error risk, legal risk, bad client risk.

one error risk can be several thousands or tens of thousands. some have lost hundreds of thousands by one press of the button.

when people do not understand our biz and have green eyes made the decision for us, this is the result.

Anonymous said...

i think if the journalists did not hound the guys to boast abt the millions they used to be making, that cut may not have happened...

i think the property agents may be the next target as they have been boasting abt the easy money they are getting, making more than doctors do after just a $600 2 weeks course. many from malaysia and china... will become super-rich back home..

redbean said...

you are right. at one time, not too long ago, the reporters were assigned to fish out who was making a lot of money and then splashed it across the msm. and the next moment the axe came down.

it happened to stockbroking agents, housing agents, conveyancing lawyers, insurance agents, until all got to drive taxis as second job.

and most of these are actually self employed people. and it coincide with all the retrenchment and many really kena bokok. retrenched managers want to drive taxis, self employed agents also compete to drive taxis. and things got real bad.

all because of green eyes. no, no one is begruding anyone making millions.

Matilah_Singapura said...

Macro economic stats are often manipulated to the agenda of the party who seeks to make their argument "look good". These days even well known public figures openly admit to the use of this "tactic" such that its a non-issue now.

2% 5%, 10% etc are essentially meaningless to the average person. all he/she knows is that when he/she reaches for the wallet to pay for something, there is a NOTICEABLE PRICE INCREASE, thereby making the PURCHASING POWER of the money in the wallet (money which has been earned by exchanging ones' labour—for the most part) LOWER.

redbean said...

only a trickle of cases have been reported. it is just the beginning. i am not reporting on the cake shop that sold me the pastry, $2.20 to $4.

how to justify the increase? and the pastry was definitely manufacturing in johore where these is no increase in gst.

but it is good to bury the head in the sand and say, 'where got profiteering?' or 'everything is normal.'

Matilah_Singapura said...

Profiteering is rare. But of course it occupies a large part in the public perception—they are always quick to blame the businessman as "evil" "selfish" or "greedy".

That's what taxes do—they divide people and encourage distrust and hostile behaviour. Yet Another reason to get rid of the fucking state as soon as possible.

Price rise EVENTUALLY not because of "evil" businessman but of the increase in the money supply OR shortages caused by too much govt interference.

Whatever economics books you are reading, or getting your ideas from, I suggest you throw them away ASAP—they are full of not just bad ideas, but simply plain WRONG.