Govt assure sporeans inflation only 2%-3% nian

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Govt sticks to target inflation rate of 2%-3%
By Aaron Low

THE Government has maintained its target inflation rate of between 2 per cent and 3 per cent for next year, even as worries mount over rising food prices around the world.

Rising labour costs have also prompted some economists to warn that the Government may allow the Singapore dollar to rise even further to stave off inflationary pressures.

Official figures show that labour costs for Singapore rose by 3.3 per cent from June to September - a reversal of five straight quarters of lower labour costs since the first quarter of last year.

Increasing demand for workers has prompted economists such as Mr Kit Wei Zheng from Citigroup to warn that higher wages could keep inflation high.

He said that further tightening measures next year, such as allowing the Singapore dollar to rise further, cannot be ruled out.

Similarly, the UN Food and Agriculture Organisation warned that global food prices could rise further if production next year does not grow significantly.

It said the value of food imports could hit US$1 trillion (S$1.3 trillion) next year, a level not seen since food prices peaked in 2008.

But Monetary Authority of Singapore (MAS) managing director Edward Robinson said that for now, the Government is comfortable with its 2 per cent to 3 per cent inflation target for next year.

The consumer price index (CPI), the measure of inflation, may edge up to 4 per cent in the first half of next year but fall again towards the year end, said MAS deputy managing director Ong Chong Tee at a media briefing yesterday.

 

[wizard]

2 years back I go for my monthly shopping in NTUC usually coast me about $150.. then year 2009 $200 now is about $ 260..


The PAP minister go where to do their gorceries?

Oh I forgot my pay did not increase 15% ? Did they?

It seem that they have a different number for different people?

WE will wait and see if i get 2.7 months bonus.. but for safety reason i will vote for opposition if election come before bonus time.

 

[Royalblood]

2 years back I go for my monthly shopping in NTUC usually coast me about $150.. then year 2009 $200 now is about $ 260..


The PAP minister go where to do their gorceries?

Oh I forgot my pay did not increase 15% ? Did they?

It seem that they have a different number for different people?

WE will wait and see if i get 2.7 months bonus.. but for safety reason i will vote for opposition if election come before bonus time.

Who ask u to shop in PAP "black shop" NTUC!? Drive to matland and do ur grocery and pump petrol at the same time!

With so many foreign trashes working here and the lax labour law, Singapore has become a hardcore employer's market. pay increase can wait long long

 

[zuoom]

simple math from the cooking auntie.

a year back, the vegetables cost $1.50. now it's over $2.
or the can of meat was $1.70, now $2.2.

for myself, i used to buy this chocolate bar that cost $1. now it's $1.30.

as for transports matters, the same auntie mentioned that it used to cost $0.80, now it's $1.

granted, this is for small ticket items.

what about for big ticket items. ie: houses, cars, etc.

true, real life inflation for many would be a lot higher than the 2-3% as claimed by MAS.

 

[saratogas]

2-3% inflation only if you don't buy car n house...

 

[johnny333]

2-3% inflation only if you don't buy car n house...

Yes property prices have gone up. You want a new condo the starting prices now start at $1 million plus

However so has everything else. I eat out quite often & have noticed prices go up & portion size shrink :(

Electicity has gone up even though gas prices have remained stable. Public transport has also gone up even though they claimed it was a fare reduction

As for the 2% - 3% figure, it's of course rubbish. Just look at Old Chang Kee's curry puff, it went from $1 to $1.30/pcs. Thats a 30% hike