Most people have been grumbling about rising prices in Singapore but babes, we are nowhere as bad as countries like Argentina, Britain in the pre-Thatcher era and so on and so forth. And horrors, remeber Zimbabwe?
This said, there are signs that if we aren’t careful, our earnings and hard-achieved savings may lose their purchasing power faster than we can say “best in Singapore and Batam”.
Already, as anyone with an interest in owning a car or in changing one would tell you, that the $50,000 you have been stashing away for 2+ years to buy a Korean basic is today unable to even buy the most basic COE.
Still, that’s hyperinflation due to government policy and the G can do something about it if it wants to.
Not so sure about food inflation though.
One of my ex-colleagues posted in Facebook last week that raisin buns at Breadtalk are now costing $1.90 each.
As i don’t eat raisin buns I didn’t feel incensed. But I’ve newly acquired a taste for one of Breadtalk’s offerings called Black Pearl. I first bought one on Nov 8 at the City Square outlet and it cost $1.50. The following day I bought two at Bishan Junction 8 and it cost $3.20, or $1.60 each.
When i said there must have been a mistake in the price, the cashier said “cannot b, all our prices are the same.”
So, a 10 cent price rise in one-day??
Still I can stomach this for sure since it’s an optional treat, as is my occasional teh-si siew tai fix. Still i noticed that the $1.40 I’ve been paying several times at the Raffles City food court Toast Box cost me $1.80 at the Somerset 313 food court. Is it a matter of inflation or location? 🙄
But more troubling must be the property price rises that despite the G’s apparent effort to keep the lid on them — which instead looks like a bubbling cauldron over which the witch has lost control. Press one side of the lid down and another side pops up!
While the media trumpet about Sentosa bungalows and GCB’s on the main island, i found some truly awesome figures when trawling the URA website.
A Sixth Avenue bungalow in Ming Teck Park of some 12,000 sq ft sold for $12m some time last year. This year, another bungalow in the same estate of some 10,000 sq ft sold for $21 million. And these aren’t even GCBs for heavens sake! 😥
If this isn’t enough, looking thru the stproperty.sg website I saw that units at Bishan Loft are asking for well over a $1 million each. And this is just an executive condominium when it was completed in 2004!
What does this mean for you and me who have some savings but not enough to buy a property or even a car?
Go and spend it babes in the only way that needs replenishment every few hours! Eat!
For those a lot richer — got car, got assets, got class — you must find more ways to inflation proof the cash pile that’s piling up faster than you can even think. Buying up SG Inc — prooerty or companies — may not be a bad idea, especially if your cashflow isn’t SG-sourced! That’s exactly what the likes of ThaiBev are doing..