Saturday, May 19, 2007

Anecdotal Evidence of Inflation in Singapore

Just came back from Giant. When I queuing up, 2 ladies were discussing price of condense milk. It seems that the Teapot brand of condense milk has gone up from $0.75 to $1.10. A few people in the sammyboy forum reported that the Milkmaid brand of condense milk has gone up from $1.10 to $1.60. The lady at Giant also told me that the pack of sugar she was buying has gone up from $0.75 to $1.40. Some ladies in the Moms4Moms forum are also reporting price increases in Milo and various necessities.
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One of my colleagues, a Chinese chap, told me he is forced out by this landlord who is asking for a whopping 40% increase in rent. He sort of expected it because it has been reported in the papers that rentals have escalated. He has decided to move to some place less convenient rather than give in to the landlord...however, it turned out the landlord is more than happy to let him go because he found a couple willing to pay 50% higher than what he is currently paying.
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Private property prices have escalated 25% last year and 5% more in the 1st quarter of 2007. Citibank expect prices to jump by another 30% by 2008.
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Looks like our esteemed leaders are on track to reach their goal of top 1st world status...at least part of that goal . Our cost of living is escalating towards top 1st world levels fast, ...well too bad at the slow rate it is rising, our wages will probably take a long long time to get there.

5 comments:

The Oriental Express said...

As I have always said, I don't understand politics. Neither do I understand economics except that I only know how to sell econo-mee.

Of course, with the high jump in ministerial and civil servants' pay, everything else also jumped!
Everything, except wages and salaries. Sigh! Better go for the 80 cents and $2.00 econo-mee.

Anonymous said...

i am waiting for my 3 properties to hit another 30% by 2008. Hurray to PAP ! Will retire on time and enjoy life.

Anonymous said...

hey, if we want to be seen as a 1st world city, like London, Tokyo, Hong Kong, Shanghai, New York, Geneva, etc etc... its only expected that we have 1st world prices and cost of living!

now - the challenge is to match that 1st world cost of living with 1st world salaries. Singapore's unqiue in the sense that we have 1st world costs but people are getting paid 3rd world salaries. (We gotta remain competitive, you see...otherwise, everyone's moving their money to Malaysia, Thailand, etc).

aygee

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