According to Lowem’s Blog:
businesstimes.com.sg :Singapore’s inflation rate could soar past 6% in the current quarter, beating previous estimates, as an upward revision of the value of public housing kicks in this month and food and oil prices continue to climb. ‘We were previously looking at 3.9 per cent for this year, but I think it will be much higher,’ United Overseas Bank economist Ho Woei Chen said. ‘The revision (of annual values) will be quite significant, and we underestimated the extent of the taxi fare increase, the food price increase, oil price increase.’
The Inland Revenue Authority of Singapore has raised its assessment of values across all flat types by 18-25% cent from Jan 1. Housing value has a significant weight in the consumer price index (CPI). ‘(Inflation for the year) can potentially exceed the Monetary Authority of Singapore’s forecast of 3.5 to 4.5 per cent for 2008,’ Ms Ho said.
Lowem: “First they said 4%, then they said 5%, and then now they are forecasting a 6% inflation rate. And that is just referring to the official CPI figures. Many actual street prices are, of course, going up much faster and further than that.”
-Thanks Lowem for the head’s up for the inflation rate in Singapore! With Wheat prices breaching $12 a bushel for the first time together with Singapore high cost of living, it will be hard for the politician to debate out of this. I do believe that they are planning ahead of time to invest in long term “assets” like Citigroup, Morgan Stanley and other assets but does that have any guarantees of a secure and sustainable future?
Giving “Red Packets” money to the poor may not solve the actual problems of rich poor gap but only serve as a “excuse” to tax the citizens while more innovative taxes are implemented every few months like the ERP (Electronic Road Pricing) gantries and removing rich sick patients from subsidized hospital wards using “innovative” means testing.
I don’t need to go into the recent hikes GST (Goods and Services Tax) from 5% to 7% as the primary reason for the sudden surge in inflation across the board with retailers suddenly hike their product prices (more then GST 2% increment) claiming they had not increased their prices for many years. The GST had affected the poor the most as all the products are taxed and nothing are spared. The rich can travel overseas to get what they want cheaply yet the poor slave themselves to death and have not much chance to travel because of holding more than 2 jobs.
My suggestion to the Government is to introduce cheap or FREE night courses to those poor people to learn how to make more money through small businesses or money management. Make a national campaign to introduce people into small businesses and allow lower interest loans for start-ups.
I think we need to allocate more flea markets for the poor to sell their wares or expend the existing ones. Make more recycling paying centers to pay those can collectors or rubbish collectors.
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