The relentless rising cost of living in Singapore

xpenguinx

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ah, then when we feel stressed and our mental health go down, they tell us mental health very very impt. got it all plan out sia.
 

The_Republic

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http://www.allheadlinenews.com/articles/7008975811


Singapore Raises Noodle Prices

October 28, 2007 2:57 p.m. EST

Paul Icamina - AHN News Writer
Singapore (AHN) - The worldwide shortage of wheat that has driven up the price of bread around the world is now driving up the price of noodles in Singapore.

Starting Nov. 1, the price of noodles in will increase 20 percent to 30 per cent, the Singapore Noodles Manufacturers' Association announced on Sunday.

This means raising prices by 20 Singapore cents (13 cents) to 30 Singapore cents (20 cents) per kilogram (35.27 ounces) depending on the type of noodle.

Members can decide whether to raise prices, or how much to raise them, Phua Koon Heng, the association's chief, told the Chinese daily Lianhe Wanbao.

The rise in noodle prices was expected, following an increase in the price of bread last week. Both commodities are highly influenced by the price of flour, which has increased in price recently because of a worldwide shortage in the supply of wheat.

The price hike was a last resort to cope with the dramatic rise in the cost burden, the association said. On average, the cost of raw materials has gone up by a third.

Hawkers said they were not increasing prices for now, the Straits Times (Singapore) reported. And there are no plans to raise the price of noodle dishes.

The rise in wholesale noodle price was "marginal," said Seah Seng Choon, executive director of the Consumers Association of Singapore. "We will expect hawkers who are using the noodles to refrain from taking advantage of this increase in cost to up the price."

A staple of this predominantly Chinese city state, noodles generate retail value sales of almost 50 million Singapore dollars ($34 million).



http://www.allheadlinenews.com/articles/7008975811
 

Inix

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markBM said:
GST causes 70%,oil 30% reason to rise prices ,as media dont report .
So you mean prices of wheat don't matter at all?
 

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http://littlespeck.com/content/economy/CTrendsEconomy-071103.htm

[font=Arial, Helvetica, sans-serif]Inflation
A bane for middle-class
Widespread price increases overshadow Singapore’s prosperity in the last four years. By Seah Chiang Nee.
Nov 3, 2007
[/font]

[font=Arial, Helvetica, sans-serif]THE city-state has been hit by an unceasing bout of price increases that has overshadowed the city’s prosperity in the past four years. [/font]

[font=Arial, Helvetica, sans-serif]The latest series of price hikes came recently almost days within each other on household necessities like bread, noodle and live chicken (by an average of 20%) – and bus fares by one or two cents. [/font]

[font=Arial, Helvetica, sans-serif](This came only a year after fares of buses and trains were raised by one to three cents.) [/font]

[font=Arial, Helvetica, sans-serif]Hardly had the public time to ponder the impact when the government dropped another bombshell. It substantially raised the Electronic Road Pricing (ERP) rates for the third time this year. [/font]

[font=Arial, Helvetica, sans-serif]This will hit the pockets of some 800,000 car-owners, not to mention buses and lorries. [/font]

[font=Arial, Helvetica, sans-serif]Under the system, they are charged electronically every time they use certain stretches of roads and highways during busy hours, according to places and times. [/font]

[font=Arial, Helvetica, sans-serif]The peak charges will go up on Monday by $1.50 to $5.00 – or 43% at the worst point. Others are slightly cheaper. [/font]

[font=Arial, Helvetica, sans-serif]Incredibly this is the third time in 2007 that ERP rates are raised, and the public protests have been uncomplimentary and loud. [/font]

[font=Arial, Helvetica, sans-serif]Inflation is at its worst here in 12 years and has become the people’s biggest worry today. For many, the high costs are blurring the Singapore Dream. [/font]

[font=Arial, Helvetica, sans-serif]Worst affected is the broad middle class, which is already paying dearly for the high oil price and a punishing five-to-seven per cent rise in the Goods and Services Tax (GST). [/font]

[font=Arial, Helvetica, sans-serif]Since the beginning of the year, a wide range of products and services – including housing, hospital and medical care, education, electricity – has been skyrocketing. [/font]

[font=Arial, Helvetica, sans-serif]Hardly a week passes without an announcement or two of some price or government fee going up. [/font]

[font=Arial, Helvetica, sans-serif]There are two immediate effects. The value of money is dropping by the week, and savings are discouraged since consumer prices are rising faster than interest the banks pay on deposits [/font]

[font=Arial, Helvetica, sans-serif]Some other recent price hikes: [/font]

[font=Arial, Helvetica, sans-serif]* Electricity. Costs up by 4% between October and December. In the last quarter, they had been increased by 9%. [/font]

[font=Arial, Helvetica, sans-serif]* Fees in certain schools up 10%-12%; university fees had been raised earlier. One special needs school doubled its fee. [/font]

[font=Arial, Helvetica, sans-serif]* Average hospital bills were up by 10% to 30% with subsidised class C wards chalking up the highest percentage increase. Polyclinic charges were also raised. [/font]

[font=Arial, Helvetica, sans-serif]* Cigarette prices went up by some 40 cents a 20-package to S$11.60, or 3.6%. [/font]

[font=Arial, Helvetica, sans-serif]There were hikes on cable TV, car insurance, car parking and postal charges, as well as goods from milk to Milo, cooking oil to coffee, canned foods, processed foods, wheat products – and many other items at supermarkets. [/font]

[font=Arial, Helvetica, sans-serif]The government appears unable to take action to stop the epidemic, a contrast to the first-generation government during such crises. [/font]

[font=Arial, Helvetica, sans-serif]It launched NTUC Fairprice in 1973, a workers’ cooperative, to stem out profiteering on rice and other necessities. [/font]

[font=Arial, Helvetica, sans-serif]And ministers and parliamentarians at the time would move around marketplaces and shops, appealing to shopkeepers to be sensitive to people’s financial needs. [/font]

[font=Arial, Helvetica, sans-serif]Like previous inflationary times, this one is largely imported, the result of higher oil and other imported products. [/font]

[font=Arial, Helvetica, sans-serif]The second cause is a robust Singapore economy, which has been growing at an average of 7.6% a year since 2004. This year 8% is expected. It creates demand. [/font]

[font=Arial, Helvetica, sans-serif]Business has been relatively strong, salaries have risen (civil servants just got a 6% pay hike) and unemployment is the lowest in 10 years. [/font]

[font=Arial, Helvetica, sans-serif]But so strong and persistent is inflation that many Singaporeans feel they are the poorer for it. [/font]

[font=Arial, Helvetica, sans-serif]Part of the cause is the government, whose priorities are economic growth and asset accumulation (for foreign investments) – even at the expense of a higher cost of living. [/font]

[font=Arial, Helvetica, sans-serif]To that end, it has increased GST from five to seven per cent and may eventually reach 10 per cent. Fees for public services are being raised to ensure no drop in Treasury collection. [/font]

[font=Arial, Helvetica, sans-serif]Deficit budget, although not entirely unknown in Singapore, is a very rare happening. [/font]

[font=Arial, Helvetica, sans-serif]Many young professionals who just start off in life are worried that the sharp run-up in property prices (a boon for 85% homeowners) has made it virtually impossible for them to buy a flat. [/font]

[font=Arial, Helvetica, sans-serif]Some are putting off marriage or raising children. [/font]

[font=Arial, Helvetica, sans-serif]The people see high prices as being here to stay – a new feature of life in a fast over-crowding city that wants to see a population of seven million. [/font]

[font=Arial, Helvetica, sans-serif]Mr Lee Kuan Yew has said that Singapore is not only a developed country, but occupies ‘the top half’ of the First World. [/font]

[font=Arial, Helvetica, sans-serif]Keeping it there not only brings wealth but also a new painful structure of expensive living comparable to the likes of Paris and Tokyo. [/font]

[font=Arial, Helvetica, sans-serif]Understandably inflation has become a hot debate subject. [/font]

[font=Arial, Helvetica, sans-serif]Blogger ‘Raul77’ points out that Singapore has neither land-size nor natural resources, so “it can either be a 1st World country or a poor one. No third way about it.” [/font]

[font=Arial, Helvetica, sans-serif]As a result, life is always stressful, and those who can’t take it are leaving for quieter, bigger countries. [/font]

[font=Arial, Helvetica, sans-serif]This is tough for the middle class and working class, which are just struggling for a living amidst the perceived wealth, unhappy and with few choices in life. [/font]

[font=Arial, Helvetica, sans-serif]To which Nornan Lee replies: “If Singapore is not worth living, then nowhere is worth living.” [/font]


http://littlespeck.com/content/economy/CTrendsEconomy-071103.htm
 

The_Republic

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http://www.littlespeck.com/content/economy/CTrendsEconomy-070605.htm


[font=Arial, Helvetica, sans-serif]Inflation
’Who can afford Singapore anymore!’
Singapore’s big preoccupation these days is inflation, and GST hike hasn’t kicked in yet. Littlespeck..
Jun 5, 2007
[/font]

[font=Arial, Helvetica, sans-serif]Below are two comments - one visitor and a Singaporean – plus some snapshots of price increases.[/font]

[font=Arial, Helvetica, sans-serif]By BUCKWISE
Jun 2, 2007

After my latest visit to Singapore I have finally come to the conclusion that while Singapore is a great place to visit, good food, great accommodation, excellent accessibility and is still undoubtedly the “crossroads” of SE Asia, it just doesn’t cut it on the “value for money” charts anymore.
[/font]

[font=Arial, Helvetica, sans-serif]“How come” you may ask, well where to begin. Firstly the cost of accommodation has increased steadily over the last few years to the point where it has, on average, the most expensive accommodation of any major city in Asia or PacRim. [/font]

[font=Arial, Helvetica, sans-serif]Also the service culture that exists in most good hotels in the region has completely disappeared in Singapore. Don’t go expecting to hear “thank you” very often while your there.[/font]

[font=Arial, Helvetica, sans-serif]Secondly, the “money for everything” ethos has found a new home in Singapore and you should expect to pay for every little service or item that you receive during your stay many of which in other cities within the region you will receive gratis.[/font]

[font=Arial, Helvetica, sans-serif]Shopping, forget it; shop at home and save money and you don’t have to lug it everywhere you go.[/font]

[font=Arial, Helvetica, sans-serif]And last but not least, be prepared that anything that is perceived as a “Tourist Attraction” will most definitely attract a substantial premium for your patronage.[/font]

[font=Arial, Helvetica, sans-serif]Lets face it folks, you can get far more “holiday for your buck” in most other SE Asian tourist destinations.
Happy camping
BUCKWISE
http://www.surveybusters.com/singapore-travel-bargain-no-more/
[/font]

[font=Arial, Helvetica, sans-serif]Dwindling purchasing power
By redbean, Jun 4, 2007

At the rate the prices of things are shooting up, whatever subsidies will quickly be eroded away. Those lower income earners, including all under $5k household income, will feel the squeeze.
[/font]

[font=Arial, Helvetica, sans-serif]The purchasing power of their dollar is getting smaller by the day.[/font]

[font=Arial, Helvetica, sans-serif]The only people who can cushion against a lost of income from a dwindling dollar will be those who can command a 20% or 30% salary increment.[/font]

[font=Arial, Helvetica, sans-serif]I have yet to read in the media how much has it cost the people with all the increases taking place, the 2% gst, housing, food, medical fees, transportation, etc etc. [/font]

[font=Arial, Helvetica, sans-serif]How much of the dollar has already been wiped away without the people spending the money?
http://mysingaporenews.blogspot.com/
[/font]

[font=Arial, Helvetica, sans-serif]Pre-GST Price Hikes[/font]

[font=Arial, Helvetica, sans-serif]Here are some recent items in briefs: -[/font]

[font=Arial, Helvetica, sans-serif]1. June 5 - Case slams Nets fee hike as a 'great disservice'.
For 6m users, 13,000 merchants, NET rates will go up from 0.35-0.55% of purchases to between 1.5-1.9%, representing a three-fold increase in the amount merchants will have to pay for each transaction.
[/font]

[font=Arial, Helvetica, sans-serif]2. May 29 - A NEW round of fee hikes is underway at most public hospitals and some polyclinics.
Subsidised patients at four public hospitals will now pay $24 or $25 for every visit to a specialist clinic, up from about $21.
All 18 polyclinics, which used to charge a standard consultation fee of $8 for adults, now charge anything from $8-$8.80.
[/font]

[font=Arial, Helvetica, sans-serif]3. May 28 - Be prepared to fork out an additional 10 to 50 cents for your next glass of sugarcane juice. [/font]

[font=Arial, Helvetica, sans-serif]4. May 18 (TODAY) - From milk to Milo, cooking oil to coffee, canned foods, processed foods, wheat products and more, prices have been rising recently at supermarkets and hypermarts here.[/font]

[font=Arial, Helvetica, sans-serif]5. Forummers
teh_si - Price of Marigold HL milk up from $4.85 to $5.25 for two (13% increase) and Milkmaid condensed milk from $1.10 to $1.60 (45% increase). Han's restaurant increased its price for breakfast sets from $4.80 to $5.50 from May 15.
[/font]

[font=Arial, Helvetica, sans-serif]Man in the streets - I was at the roti-prata shop along jln masjid having lunch with a client, I heard the kosong roti will increase to 70 cents per piece. CASE is sleeping or closing its eyes. [/font]

[font=Arial, Helvetica, sans-serif]nannan82: Even the chicken rice I used to eat was raised to $3 from $2.5 dollar recently at hawker centre.[/font]

[font=Arial, Helvetica, sans-serif]6. Apr 30 - ERP rates to go up at 5 gantries. The rates of five Electronic Road Pricing (ERP) gantries will increase by 50 cents for all vehicle classes starting from May 7, 2007. [/font]

[font=Arial, Helvetica, sans-serif]7. April 5 (ST) - Beware spike in docs' fees. THE dumping by the Singapore Medical Association (SMA) of private doctors' consultation fee guidelines effectively deregulates the service. [/font]

[font=Arial, Helvetica, sans-serif]8. Mar 31 (ST) - Motor premiums could go up as insurers lose money.
Hike expected as half of insurers are facing losses and cannot sustain premium levels.
[/font]

[font=Arial, Helvetica, sans-serif](9) Jan 20 (ST) - Big surge in CBD carpark rates. Situation could get worse as some 2,000 parking lots are likely to disappear soon.
Carpark owners are raising rates - driving vehicle owners in the Central Business District (CBD) up the wall. Now $160-$330, monthly season charges will go up by 20%.
The occasional visitor will pay up to $4.80 an hour weekdays.
Littlespeck.com
[/font]




http://www.littlespeck.com/content/economy/CTrendsEconomy-070605.htm
 

The_Republic

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jyyj87 said:
this thread is worth a sticky.. everyone should read! :)

I do not think this thread will last until GE 2011.

People forgets all the time as the media did not do their duty to keep score.

66.6% wins again and the complaints online and offline starts again.

Every 5 years, this vicious cycle is endless.

The worse part is people who voted for PAP also want to complain against them after elections. Hard to understand.
 

blacklotus

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The_Republic said:
I do not think this thread will last until GE 2011.

.....

The worse part is people who voted for PAP also want to complain against them after elections. Hard to understand.

Not hard to understand: They're stupid Sinkaporeans: KiaSu, KiaSee, Kia ZengHu :s13: :s13: :s13:
 

The_Republic

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http://www.straitstimes.com/Free/Story/STIStory_173723.html



Grocery bills increase as prices for foodstuffs go up
ST check finds that basic items in random basket of goods now all cost more

By Marcel Lee Pereira & Lin Xinyi

ST7407030740703001_01_0001.jpg


c.gif

A TRIP to the supermarket will cost more now than it did at the beginning of the year.

A Straits Times check on a random basket of basic goods sold at supermarkets here revealed price increases in almost every category, from fresh chicken to coffee and milk formula.

For instance, a popular brand of luncheon meat cost $1.70 in January, but now costs $2.50. Then, fresh whole chicken sold for about $4.50; the price is now closer to $5.20.

This, on the back of news last week that noodle and bread prices were on the rise.

But Singapore is not alone: Prices of bread, pasta, potatoes and meat are going up, putting pressure on family budgets around the world.

Russia imposed Soviet-style price controls on a range of foodstuffs last month. China has released stockpiles of pork, while Bangladesh, Jordan and Egypt are raising subsidies or slashing import tariffs.

Suppliers The Straits Times spoke to said droughts in Australia, crop failures in the US, reduced milk production and higher cost of tinned food cans are all contributing factors.

Globally, prices of wheat and milk are at historic peaks. Corn and soyabean prices have also risen steeply, and international wheat prices have risen nearly 74 per cent since January.

With higher grain costs, feed will become more expensive, and suppliers say this will mean a rise in meat and milk prices.

Rising food prices have contributed to inflation here. September's overall Consumer Price Index showed that prices generally retreated by 0.3 per cent from the previous month, but the food component - the biggest item at 23 per cent - rose 3.7 per cent as the cost of fresh vegetables, fruit, seafood and milk powder, as well as hawker and restaurant food, went up.

Consumers The Straits Times spoke to said that while increases for each item may seem like a token sum, together, they add up to a much bigger grocery bill.

Housewife Cynthia Leow, 30, told The Straits Times she noticed she was paying about $10 more during her weekly supermarket trips.

Similarly, Ms Huang Ya Li, 60, said she needed to set aside an additional $20 a month for groceries, compared with the start of the year.

Mr Yeo Guat Kwang, president of the Consumers Association of Singapore, said that price increases were inevitable, with the climate playing a major role in food shortages. But he said things were not as bad as they seemed.

Consumers, he said, had the option of buying house brands from supermarkets, and these were generally cheaper. Supermarket chain NTUC FairPrice said its house brand products are, on average, priced 10 per cent to 15 per cent lower than comparable national brands.

Checks revealed that bread and butter prices for FairPrice's house brands have remained steady over the past 11 months, but there have been 15 cent to 25 cent increases for coffee and cooking oil.

Besides food, prices of tyres and batteries are also going up. The past 11 months have also seen increases in the goods and services tax, public transport fares, fuel prices and rents.

And now, more hawkers are giving notice that they may not hold out on price increases much longer as they are also feeling the pinch.

The owner of a handmade noodles stall at the Gourmet Paradise foodcourt in the Toa Payoh HDB Hub said she is hoping to charge 20 cents to 30 cents more for every bowl of noodles from next year to cover costs. She said that rental on her stall, which is now $4,500 a month, is set to rise to $5,500 at the start of next year, and then to $6,500 in 2009. In the meantime, Ms Huang said she was doing her best to be cautious with her spending: 'If a meal at a coffee shop is $3 or more, I will look for something cheaper. I eat to fill my stomach, so it does not matter whether the food is nice or whether I am given more ingredients.'






http://www.straitstimes.com/Free/Story/STIStory_173723.html
 

daylight

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S'pore's inflation may hit 4% next year: economist

Citigroup forecast fans overheating concerns.
By Bryan Lee

SINGAPORE'S inflation may hit a record-breaking 4 per cent in the first half of next year as a red-hot economy adds more strain to the already-tight labour and property markets.


This forecast came from a prominent local economist, who warned on Monday that the Singapore economy is at risk of overheating.

To address this, the Government will need to allow the Sing dollar to appreciate more quickly and possibly defer less urgent major investment projects such as the planned Marina Bay botanical gardens.

'We maintain that overheating and inflation risks remain high,' said Citigroup economist Chua Hak Bin.
'The economy is now at full employment and the cost of hiring foreign workers has now increased considerably given higher accommodation costs,' said Dr Chua in a research report.


His view found support among some of his peers, although others reckon that a slowing world economy will keep prices here in check.

Dr Chua's report comes a month after Prime Minister Lee Hsien Loong said that while there is an office space crunch, the economy as a whole is not overheating and inflation is well under control.

The Monetary Authority of Singapore (MAS) has acknowledged that inflation is on the rise, due largely to a July hike in the Goods and Services Tax (GST).

It is expecting average prices to increase by 3.5 per cent in the first half of next year before moderating later in the year.

MAS has tightened monetary policy, allowing a faster strengthening of the Sing dollar, to curb inflation from imported goods.

'We are probably less sanguine,' said Dr Chua.

He said global energy and food prices are rising sharply, driven by record oil prices and adverse weather conditions in farming areas. But bigger challenges lie in the domestic property and labour markets.

Dr Chua said the consumer price index (CPI) may have underestimated the full extent of rising housing costs.

'Housing CPI costs were up 0.4 per cent in September, lagging actual steep increases in property prices and rents.'

By contrast, official indices show that residential rents surged 39 per cent in the third quarter and those for commercial space jumped 57 per cent.

http://www.straitstimes.com/Latest+News/Money/STIStory_173853.html
 

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http://www.straitstimes.com/Free/Story/STIStory_174085.html



Inflation may hit record 4% next year
Citigroup forecast based on further tightening of labour and property sectors

By Bryan Lee

c.gif

TOP ISSUES: Global energy and food prices are surging, but bigger challenges lie in property and labour markets here, says Dr Chua. -- ST FILE PHOTO


c.gif

INFLATION may hit a record- breaking 4 per cent in the first half of next year as a red-hot economy adds more strain on the already-tight labour and property markets.

The warning from Citigroup economist Chua Hak Bin also came with a call for the Government to allow the Singdollar to appreciate faster while possibly deferring less urgent major investment projects like the Marina Bay botanic gardens.

'We maintain that overheating and inflation risks remain high,' said Dr Chua in a research report out yesterday.

'The economy is now at full employment, and the cost of hiring foreign workers has now increased considerably given higher accommodation cost.'

Despite greater uncertainty about the global economy, he said Singapore is likely to beat next year's official growth forecast of 4 per cent to 6 per cent, as it has done so in previous years.

His assessment found backing among other economists while others felt a slowing world economy will keep prices in Singapore in check.

HSBC economist Robert Prior-Wandesforde agreed that the Monetary Authority of Singapore (MAS) may allow a faster strengthening of the Singdollar to curb inflation from imported goods at the next monetary policy review in April.

The tightening carried out last month is unlikely to have a dramatic effect on inflation, said Mr Prior-Wandesforde.

But Action Economics economist David Cohen brushed off overheating concerns, predicting that inflation in the first half of next year should come in at just over 3 per cent.

'The bigger concern is a potential slowing in the world economy, so it's a balanced outlook right now,' he said.

Dr Chua's report comes a month after Prime Minister Lee Hsien Loong said while there are shortages in office space, the economy, as a whole, is not overheating and inflation is well under control.

The MAS has attributed the rise in inflation largely to a July hike in the goods and services tax rate. It is expecting prices to increase by 3.5 per cent on average in the first half of next year, before moderating in the rest of the year.

'We are probably less sanguine,' said Dr Chua.

He said global energy and food prices are rising sharply, driven by record oil prices and adverse weather conditions in farming areas. But bigger challenges lie in the domestic property and labour markets.

Dr Chua said the consumer price index (CPI) is lagging behind the steep increases in property prices and rents.

Housing CPI costs rose 0.4 per cent in September. But official indexes show that residential rents surged 11.4 per cent in the third quarter, while those for commercial space jumped 14.8 per cent.

The labour market is also at its tightest in a decade, with unemployment at 1.7 per cent. Unlike previous years when the Government could simply let more foreigners in to work, skyrocketing rents mean their wages have to be hiked to cover their housing costs. Labour costs are thus likely to continue rising after surging 8.5 per cent in the second quarter, said Dr Chua.





http://www.straitstimes.com/Free/Story/STIStory_174085.html
 

The_Republic

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http://singaporesundry.blogspot.com/2007/11/cost-of-living-and-need-to-limit.html

Cost of Living and the Need to Limit Spending in Singapore

http://bp3.blogger.com/_veS4Ts2R6Q0/Ry8pZ7Jr4QI/AAAAAAAAAJc/76iiAOIxhp0/s1600-h/bread.jpgThe recent sharp increase in house prices and general cost of living have caused Singapore’s ranking on the latest Cost of Living Survey by Mercer Human Resource Consulting to climb from 17th to 14th, just ahead of New York, US. Although the Singapore government has stated the Consumer Price Index (CPI) of Sep 2007 to be only 2.7% more than the same period last year, I believe the figures do not reflect reality as it does not seem to give an accurate picture of Singaporeans’ expenditures.



In Singapore, if you are not earning a lot and unmarried thus may not see the need of owning a property to start a family, I think it is still “liveable” if you stay with your parents. However, life changes once you have a family to raise. Financially, it becomes more challenging: There is now a need to pay for your own HDB flat, buy a family car, pay for your kids’ necessities and tuition fees, take up essential insurances for all family members etc. It becomes harder to maintain a family with 2 or 3 children under the same roof.

And without conscious efforts to limit spending and to keep a close eye on your money, expenses can balloon to unexpected amounts if the rising cost of living were to continue uncontrollably. No wonder more and more Singaporeans find it hard to survive in Singapore:



Grocery bills increase as prices for foodstuffs go up

ST check finds that basic items in random basket of goods now all cost more By Marcel Lee Pereira & Lin Xinyi, Straits Times.





A TRIP to the supermarket will cost more now than it did at the beginning of the year. A Straits Times check on a random basket of basic goods sold at supermarkets here revealed price increases in almost every category, from fresh chicken to coffee and milk formula.

For instance, a popular brand of luncheon meat cost $1.70 in January, but now costs $2.50. Then, fresh whole chicken sold for about $4.50; the price is now closer to $5.20. This, on the back of news last week that noodle and bread prices were on the rise. But Singapore is not alone: Prices of bread, pasta, potatoes and meat are going up, putting pressure on family budgets around the world.

Russia imposed Soviet-style price controls on a range of foodstuffs last month. China has released stockpiles of pork, while Bangladesh, Jordan and Egypt are raising subsidies or slashing import tariffs. Suppliers The Straits Times spoke to said droughts in Australia, crop failures in the US, reduced milk production and higher cost of tinned food cans are all contributing factors.

Globally, prices of wheat and milk are at historic peaks. Corn and soyabean prices have also risen steeply, and international wheat prices have risen nearly 74 per cent since January. With higher grain costs, feed will become more expensive, and suppliers say this will mean a rise in meat and milk prices.

Rising food prices have contributed to inflation here. September's overall Consumer Price Index showed that prices generally retreated by 0.3 per cent from the previous month, but the food component - the biggest item at 23 per cent - rose 3.7 per cent as the cost of fresh vegetables, fruit, seafood and milk powder, as well as hawker and restaurant food, went up.

Consumers The Straits Times spoke to said that while increases for each item may seem like a token sum, together, they add up to a much bigger grocery bill. Housewife Cynthia Leow, 30, told The Straits Times she noticed she was paying about $10 more during her weekly supermarket trips.

Similarly, Ms Huang Ya Li, 60, said she needed to set aside an additional $20 a month for groceries, compared with the start of the year.

Mr Yeo Guat Kwang, president of the Consumers Association of Singapore, said that price increases were inevitable, with the climate playing a major role in food shortages. But he said things were not as bad as they seemed. Consumers, he said, had the option of buying house brands from supermarkets, and these were generally cheaper. Supermarket chain NTUC FairPrice said its house brand products are, on average, priced 10 per cent to 15 per cent lower than comparable national brands.

Checks revealed that bread and butter prices for FairPrice's house brands have remained steady over the past 11 months, but there have been 15 cent to 25 cent increases for coffee and cooking oil. Besides food, prices of tyres and batteries are also going up. The past 11 months have also seen increases in the goods and services tax, public transport fares, fuel prices and rents.

And now, more hawkers are giving notice that they may not hold out on price increases much longer as they are also feeling the pinch. The owner of a handmade noodles stall at the Gourmet Paradise foodcourt in the Toa Payoh HDB Hub said she is hoping to charge 20 cents to 30 cents more for every bowl of noodles from next year to cover costs. She said that rental on her stall, which is now $4,500 a month, is set to rise to $5,500 at the start of next year, and then to $6,500 in 2009.

In the meantime, Ms Huang said she was doing her best to be cautious with her spending: 'If a meal at a coffee shop is $3 or more, I will look for something cheaper. I eat to fill my stomach, so it does not matter whether the food is nice or whether I am given more ingredients.'

Also see my article on The future is bleak: Rising Prices and Widening Income Gap

Posted by James Chia at 10:20 PM

Labels: cost of living, singapore, social issues






http://singaporesundry.blogspot.com/2007/11/cost-of-living-and-need-to-limit.html
 

Inix

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I'm fine with rising cost and raising COL but I hate it when Government Agencies like HDB takes advantage of the economy to raise rents and reduce the profit margins (if any) of small time vendors.
 

Inix

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Mianhaeyo said:
Fine with Rising Costs of Living?
Yes I am. Because COL will always go up unless you're in a recession. The important thing for me is to make more money faster then the value of money going down.
 

Dumb_Terminal

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carey said:
Correct me if I am wrong (getting old), but isn't it exactly like what the NKF did?

Collected S$1 but only less than S$0.20 went to the kidney patient while the rest went to pay for fund raising cost, operating cost etc etc

And if anyone really bothered to do the maths, it appears quite often...

The headline number looks very impressive but when you go into the nitty gritty, the actual amount that's mean for the cause is pittance...
haa haaa haa... :D
this percentage cost thingy is interesting to watchhh..

By silcosilva....
singapore too little land and now got too many outsiders staying over.
Easy to say,they can afford the price so the government has to adjust(they only increase though) to suit their budget.in turn,singaporeans got the slapped-on-face feeling.

Got to agree on those proud-donation made to help the poor which in turn is very calculative.lots off bull**** info around.many are blinded cause they take things for granted but when you do the calculation,its time to turn the tables around.
wats the use of holding-onto a Pink IC again....? :spin:...
 

The_Republic

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http://sturmdesjahrhunderts.wordpress.com/2007/11/07/tales-of-mr-tan-iii-inflation/

Tales of Mr. Tan III - Inflation.

November 7, 2007

Posted by The Truth in Mr. Tan.
trackback
Mr. Tan, forced to stash his money away in a Central Provident Fund account with low guaranteed returns, was worried when he read about inflation rates. He mused, ‘what will become of our returns when we finally see them? The government uses our money to invest in other countries and make themselves richer every elections, while we are forced to work into our greying years to prove that we are still ‘useful’ to society. Guaranteed returns only mean that we are guaranteed a particular sum, which may not mean anything in the future at all.’

A friend noted his concerns and asked what he would do, to which Mr. Tan replied drily, ‘what else CAN we do? Without the PAP and without opposition to government policies, our country has achieved this level of efficiency - Singapore is like a machine. I am still going to vote for them next elections, because this party is what made Singapore what she is, and i am not ready for the insecurity of another party in power. Haven’t you heard of LKY’s doomsday predictions if the PAP falls out of power? I trust that the PAP will know when it is time to change accordingly with the times.’






http://sturmdesjahrhunderts.wordpress.com/2007/11/07/tales-of-mr-tan-iii-inflation/
 

The_Republic

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http://www.straitstimes.com/Free/Story/STIStory_174816.html



Raffles Place retailers face space crunch, soaring rents

Rent may double for some, with near full occupancy and no fresh supply of space in the short term


By Joyce Teo, Property Correspondent


ST_MONEY_1_CURRENT_JTRAFFLES.jpg


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HIGHER COSTS: Shoe boutique owner Ms Kwok (above left), with her mother Mary Ho, expects to pay a higher rent soon as her shop lease at The Arcade in Raffles Place is coming up for renewal. While the rise in office workers is fuelling retail demand, prospective shop owners find it hard to obtain space, especially in the office districts. -- ST PHOTOS: EDWIN KOO
c.gif


http://www.straitstimes.com/gallery/Free/Story/STIStory_174816.html
c.gif

SOARING rents for retail office space at Raffles Place have stunned Ms Yeap Cheng Guat, the executive director of Cedele By Bakery Depot, which has two outlets in the major office hub.

'Rents have gone up by 100 per cent. It's that crazy,' she said.

The bakery cafe chain has operated at Republic Plaza for about eight years now and has a newer outlet at One Raffles Quay.

Singapore's office space crunch is spilling over to tenants like Cedele in office districts such as Raffles Place.

'When they told me about the increase, I nearly fell off my chair,' Ms Yeap said.

'If my rentals rise by 100 per cent, can my food price increase by the same?

'Then the tenant can sell only bird's nest and abalone,' she said, referring to expensive delicacies.

Occupancy levels for retail space such as cafes and fashion outlets in Raffles Place are close to 100 per cent.

A recent study by property consultant Cushman & Wakefield found rent rises of up to 24 per cent over the past two years in the area.

Supply of shop space is tight with no major new retail space expected for the financial district in the short term.

That means retail rents there will keep rising by another 10 to 15 per cent in the year ahead, the firm's managing director here, Mr Donald Han, told The Straits Times. This is up from about 14 per cent in the last 12 months, he said.

The rise is relatively high, considering that rentals in the traditional shopping belt of Orchard Road have experienced single- digit rises in recent years.

Overall, rentals for prime retail space are expected to climb by 15 to 20 per cent year on year, with capital values up by 10 to 15 per cent, according to Knight Frank.

Ms Maye Kwok, 32, who sells bags and shoes from a ground-level shop at The Arcade, is convinced she will soon be paying higher rent.

'Across the board, rents have gone up. My neighbours here have paid higher rents. I am 100 per cent sure they will raise the rent when my lease is up for revision.'

Mr Han said the office space crunch was affecting nearby retail space.

'Most developers within the financial district prefer to maximise office use rather than retail,' he said.

'The irony is that when more offices are built, retail demand from the office population will grow in tandem.'

Most retail centres in Raffles Place such as OUB Centre, Raffles Xchange, One Fullerton and Republic Plaza are enjoying full occupancy.

Average gross rent for Raffles Place ground-level shops is between $18 and $35 per sq ft (psf) a month - well up from $13 to $25 psf two years ago.

Basement level space is between $12 and $25 psf a month, again well up from $9 to $18 psf two years back.

On the upper floors, which have less pedestrian traffic, rents hover between $8 and $14 psf a month, up from $6 to $9 psf a month two years ago.

As Raffles Place's retail rents rise, several landlords have already started to either reposition their retail developments or add new retail supply, said Cushman & Wakefield.

Sino Land, the Hong Kong-based sister firm of property developer Far East Organization, recently announced plans to revamp a 26,000 sq ft retail and entertainment complex at Clifford Pier, a site that it had obtained late last year.

At OUB Centre, an additional 32,000 sq ft of retail space will be added, said Cushman & Wakefield. It noted that newly retrofitted projects like the Market Street carpark have done well, with space nearly fully leased out at $10 to $25 psf a month. 'The retail market situation in Raffles Place is coming to a level where nothing is available. This sub-market is being ignored when there is demand,' said Mr Han.






http://www.straitstimes.com/Free/Story/STIStory_174816.html
 

calculative

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The_Republic said:
http://sturmdesjahrhunderts.wordpress.com/2007/11/07/tales-of-mr-tan-iii-inflation/

Tales of Mr. Tan III - Inflation.

November 7, 2007

Posted by The Truth in Mr. Tan.
trackback
Mr. Tan, forced to stash his money away in a Central Provident Fund account with low guaranteed returns, was worried when he read about inflation rates. He mused, ‘what will become of our returns when we finally see them? The government uses our money to invest in other countries and make themselves richer every elections, while we are forced to work into our greying years to prove that we are still ‘useful’ to society. Guaranteed returns only mean that we are guaranteed a particular sum, which may not mean anything in the future at all.’

A friend noted his concerns and asked what he would do, to which Mr. Tan replied drily, ‘what else CAN we do? Without the PAP and without opposition to government policies, our country has achieved this level of efficiency - Singapore is like a machine. I am still going to vote for them next elections, because this party is what made Singapore what she is, and i am not ready for the insecurity of another party in power. Haven’t you heard of LKY’s doomsday predictions if the PAP falls out of power? I trust that the PAP will know when it is time to change accordingly with the times.’






http://sturmdesjahrhunderts.wordpress.com/2007/11/07/tales-of-mr-tan-iii-inflation/



lol....He has given the pros and cons; a rather balanced view i'll say
 
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