Our inflation rate is now at a 25 year high of 6.6% for January. This rate is among the highest in the world. Malaysia's inflation rate will come in at about 2.5-3%, 3.2% in Hong Kong and CPI figures in US came in at about 4.3%.
Where did the "extra" inflation come from? A large part of "extra" came from HDB's decision to hike prices causing the housing component to rise, the other part came from transport fare hikes and the lingering effects of the 2% GST hike.Some of you might be tempted to blame the govt because most of these hikes were initiated by them or are under their control. This is wrong....judging from the enormous concern shown PAP MPs in yesterday's parliamentary session, the govt has the interest of Singaporeans in their hearts. The govt probably didn't realize that hiking prices and fees can cause inflation. The GST hike was intended to help the poor. The transport hike in the form of ERP increase was intended to smoothen traffic and public transport fare hike was meant to improve service quality. The recent hike in HDB prices was intended to shorten the long queue for flats. See the PAP govt was hiking prices out of concern for Singaporeans to improve their quality of life.
I'm totally shocked by opposition MP Low Thia Kiang's suggestion in parliament to reverse the 2% GST hike. We can see the evil that lurks in the heart of Singapore's opposition, the hypocrisy is obvious as they try to pass themselves champions of the people. Everyone in Singapore knows that the 2% GST hike is meant to help the poor - our PM Lee said so himself. The PAP always match their words with action, that is why they are known as the People's Action Party.