There are a few reasons Singapore’s overall inflation is at its highest in over eight years, but it is not all gloom if there is scope for more help to cope with rising costs, says NUS Business School professor Sumit Agarwal....
Trade and Industry Minister Gan Kim Yong said in a written reply in Parliament that food prices are expected to rise. The Public Transport Council announced an increase in bus and train fare
Singapore’s overall inflation in November 2021 was at 3.8 per cent, which meant the same things bought in November 2020 were priced, on average, at 3.8 per cent higher a year later....
Is it all gloom? The public must understand that these figures refer to overall inflation and not core inflation.
Core inflation pertains more to prices of basic necessities, such as food, clothing, utilities and public transport, while overall inflation covers that and non-necessities, such as private transport and electronics.
If we look at only the core inflation rate, it was 1.6 per cent in November 2021, 1.5 per cent in October 2021 and 1.2 per cent in September 2021. While core inflation is at its highest in nearly three years, it is still manageable. CNA
I must say that it is a miracle or amazing that with public transport fare hike, petrol price, medical, medical insurance, electricity and utilities fare hikes, food prices going up, GST going up, the core inflation is still below 2%. Maybe all these items are not basic necessities. I dunno, I only presume so.
And I can talk about it so calmly as if it is nothing is because my pay is in the millions. Of course I am dreaming, and pretending to be having million dollar pay.
What about you guys, not feeling the pinch, especially the jobless and the retired, those that are earning less than a peanut. oops, a peanut is $600k, I mean those that are earning less than $3,000? Everything is fine?
Or as the above professor, likely a foreigner or new citizen, said, there are help with the rising cost of living. One or two one time relief, no need to pay utilities bill for one month, or $100 voucher here and there, all problems solved. Many people are jobless by the time they are 60 and have to live way past 80, and have to pay and pay.
What is 1.6% core inflation? Sup sup suay. Singaporeans are all so rich. Life goes on. Nothing to worry about. If got problem, tighten belt a bit, then wait for help.
According to Singh, those particularly affected would be from the low to middle-income households, especially those with both young children and aged parents to care for.' Mothership.sg
Really, Singapore got poor people meh?
13 comments:
3.8% inflation is a joke. Those who do marketing or eat outside knows this is hubris.
Cooking at home is just no longer c cheaper alternative to eating at hawker centres, with all the ingredients rising in prices like no Government.
Of course no problem for the millionaires!
It is most immoral and most unethical for politicians who are elected to parliament to serve the people but instead they take it as opportunities to serve themselves in every way and in all ways. It's time the people demand the ministers and politicians cut down their salaries to a more realistic level instead of paying themselves overbloated salaries of millions of dollars. Is there any wonder when people say the big time robbers are found in parliaments and small little robbers are found in the streets? Also those directors and CEOs in GLC - Government Linked Companies and statutory boards or government departments have no basis or rights to be paid in the millions. Why is the foreigner made instant Singapore citizen and CEO of DBS paid more than ten to fifteen million dollars every year. It is very illogical to be paid sky high salary while the average citizens are paid pittance and still have to pay all kinds of rubbish taxes including income tax and peoperty tax.
The scenario must change before it is too late or else The Mandate of Heaven must show its anger and displeasure in violent revolution. Politicians and ministers better wake up and do the right thing instead of indulging in meaningless demagoguery to justify their high pay and increase of taxes.
We demand socialist governance for Singapore and a more fair and equitably share of the national pie for all citizens.
A Singapore socialist.
Eagles Eyes
Pls wake up lah!
There is no poor people in SG!
It is how rich you are!
Hahaha...,$$$$$$$$$$$$$$$....
Everyone getting 4 figure income. Even the cleaners also getting 4 figures.
How to be poor?
What went up and by how much as reported, like bus and train fares, electricity and the coming GST hike can be ascertained in it's overall effect. What cannot be figured out are the food prices rising even faster than you can imagine. Only those doing the buying knows it is not a 'no problem' issue.
Academic Make-believe Inflation vs Real-Term Inflation
This inflation thing today is very bad for Singapore. The pressure-cooker is bound to explode very soon. Just watch.
There is always a huge difference between the academicians' look-good politically-motivated estimates of inflation and the real terms inflation.
The politically-motivated inflation rate of academicians has always been too conservative to the extent that the man (and woman) in the street will say they are talking through their nose. It never exceeds 4% per annum.
The real inflation is not measured by the make-believe inflation rate cleverly calculated and politically uttered by the brain-dead (PhD means Permanent Head Damage) academicians, especially those who are proudly wearing the title called "Professor".
The real inflation is experienced on the daily basis when you go to the coffeeshop and find out that your cup of coffee-black was $1 yesterday but $1.10 today. That is 10% inflation in real terms. Not 1.5%.
The real inflation is when you have been paying $2000 per month rental for your 4-room HDB flat last month but now have to pay $2400 per month for a 3-room HDB flat this month. That is 20% inflation in real terms. Not 3.8% in the watered-down calculations of the government.
Who gain from the inflation? The government, of course. Followed by the unscrupulous profiteering business organisations and property owners.
The coffeeshop owners used to be very satisfied to have a wife and happy to drive a Mercedes Benz in the past, but not so now. Now, they want to keep mistresses and girlfriends, and drive a Ferrari instead.
The property owners are worse than the coffeeshop owners. Their greed really knows no boundaries. The sky is the limit. The more they increase the rental the better.
And the property agents, who directly benefit from higher rental (the higher the increase the bigger their commission) are the main catalyst of this crazy rental increase every year.
So, moral of the story: Never trust the inflation rate stated by the government or any professor!
A-non-y-mouse.
I just woke up and reading Anon 9.45 and 9.53's comments, I already feel the optimism of Singaporeans. Even beggars have to go into hiding under staircases for the country to project a first world image.
But not as optimistic as the guy who looked at his CPF statement and exclaimed that he feels very rich. LOL
Whatever increases, be it utilities, property taxes, food prices, Gst, etc. etc, it does NOT affect the Party Against Peoples and their millionaire politicians (incl. Emperor & his papsident). These "daylight robbers" fatten their pockets full full and are living and enjoying themselves (incl. their spouses & kids). They are like untouchable species of creatures here. The average citizens and lower income families are the sufferers and they have to bear with whatever increases dished out by the Party Against Peoples. They will give you pittances in the forms of rebates, vouchers, etc.etc. just to please you guys temporarily, that they care for you !? Do you believe in them, otherwise we have no choice but to wait for the next GE.
Hi KT2 1035am
You think there will be a change at next ge? Tan Ku Ku lah! Hahaha.....
Good morning,
By now if you haven't realised that Singapore culture is ingrained with 2 characteristics:
1. Kiasu/ Kiasi: the fear of losing/ dying. The way to play this is to turn this negative aspect into a positive "thrust" of motivation and discipline. In other words, always have "gas in the tank", enjoy your life but for goodness sake prepare for bad times and "black swan" events.
2. You Die, Your Business: Again, at face value a horrible and compassion-less attitude toward one's "fellow man". This is a derivative of the kiasu-kiasi cultural fixture, and in a similar way can be used to motivate individual behaviour toward uncompromising personal responsibility
Rising inflation benefits those who hold financial assets---at least for awhile; stocks rise, real estate rises, crypto goes bananas...however, the end result (historically speaking) is when the "tipping point" is hit, it comes tumbling down and there is rapid DEFLATION, which is even worse.
For your enjoyment. The world knows how "successful" we are. When the dictatorship prevails, so does the nation. 😂
https://youtu.be/Hkxf4SC_SBk
and our enviable better-than-world-class healthcare system (socialised medicine)
https://youtu.be/sKjHvpiHk3s
If this article is correct, inflation should become a big political issue:
https://www.goldmoney.com/research/goldmoney-insights/money-supply-and-rising-interest-rates
'The establishment, including the state, central banks and most investors are thoroughly Keynesian, the latter category having profited greatly in recent decades from their slavish following of the common meme.
That is about to change. The world of continual Keynesian stimulus is coming to its inevitable end with prices rising beyond the authorities’ control. Being blinded by neo-Keynesian beliefs, no one is prepared for it.
This article explains why interest rates are set to rise substantially in this new year. It draws on evidence from the inflation crisis of the 1970s, points out the similarities and the fact that currency debasement today is far greater and more global than fifty years ago. In the UK, half the current rate of monetary inflation for half the time — just for one year — led to gilt coupons of over 15%. And today we have Fed watchers who can only envisage a Fed funds rate climbing to 2% at most…'
There are several kinds of poor. Most of the readers of RB's blog may be poor materially, unlike WSG, but certainly not poor in what really matter.
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