Inflation! Inflation! Inflation!
If you’ve been following the news, you should know that we are in an age of inflation. Many countries including Singapore are facing the pressure of inflation and worst still on basic needs – food, transport, housing etc. And doubly worst still, the poor felt it more than the rich. Recently I went back to office during Saturday to do some work. And then I was having a breakfast with a driver. I ordered my usual Nasi Lemak (Malay’s coconut rice) but the driver was eating bread. And it was suppose to be his lunchtime, as according to his schedule, he needs to have early lunch. I advised him to have proper meal especially when he is a frontline operator. He replied that the Nasi Lemak price when up by 20% so he rather take bread. In any case, he will be off-duty after next trip and he can eat at home if he is still hungry. When I looked at the price again, then I realized that it was indeed inflated by 20%.
And if you think that I don’t bother with the price because I am rich, get real! I banned a few food stalls near my place for inflating their price ferociously. Fortunately for me, not every stall adjusted their price. So nowadays I tend to patronize those stall that maintained their selling price.
“Isn’t that stressful as you need to monitor food prices and ban this stall and that stall?”
No really. I don’t deliberately monitor food prices but if I happened to find out, then I will make necessary adjustment. And anyway, I am indifferent when it comes to choosing food in the hawker centre. Rice or noodles, duck or chicken makes no different to me as long as the quality and quantity is reasonable.
The following are excerpts from Business Times to you a feel of the inflation problem worldwide.
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Business Times - 20 Feb 2008
Inflation in China hits 11-year high, set to rise further
(BEIJING) China's inflation rose to its highest level in more than 11 years in January after devastating snowstorms worsened food shortages, according to data reported yesterday, and analysts warned there might be sharper increases to come.
Consumer prices in January climbed 7.1 per cent from the same month last year, driven by an 18.2 per cent rise in costs, the National Bureau of Statistics reported.
Economists warned that despite efforts to ease food shortages, China faces pressure for prices to rise across the board due to higher wages and costs for coal, iron ore and other industrial materials………………
………….Surging food costs are a political concern for Chinese leaders because they hit the poor majority hard in a society where families spend up to half their incomes on food.
===================================
Business Times - 20 Feb 2008
Higher food costs push up US consumer prices
WASHINGTON - Rising food costs helped push US consumer prices up for a second straight month in January by 0.4 per cent, more than offsetting a moderation in energy price rises as inflation showed signs of gaining steam, according to a Labour Department report on Wednesday.
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Business Times - 25 Feb 2008
S'pore's Jan CPI jumps 6.6%
SINGAPORE - Singapore's consumer prices rose 6.6 per cent in January from a year earlier, government data showed on Monday, as high food, transport and housing costs kept annual inflation at a 25-year high.
From a month earlier, consumer prices rose 1.5 per cent on a seasonally adjusted basis, the Department of Statistics said in a statement.
If you’ve been following the news, you should know that we are in an age of inflation. Many countries including Singapore are facing the pressure of inflation and worst still on basic needs – food, transport, housing etc. And doubly worst still, the poor felt it more than the rich. Recently I went back to office during Saturday to do some work. And then I was having a breakfast with a driver. I ordered my usual Nasi Lemak (Malay’s coconut rice) but the driver was eating bread. And it was suppose to be his lunchtime, as according to his schedule, he needs to have early lunch. I advised him to have proper meal especially when he is a frontline operator. He replied that the Nasi Lemak price when up by 20% so he rather take bread. In any case, he will be off-duty after next trip and he can eat at home if he is still hungry. When I looked at the price again, then I realized that it was indeed inflated by 20%.
And if you think that I don’t bother with the price because I am rich, get real! I banned a few food stalls near my place for inflating their price ferociously. Fortunately for me, not every stall adjusted their price. So nowadays I tend to patronize those stall that maintained their selling price.
“Isn’t that stressful as you need to monitor food prices and ban this stall and that stall?”
No really. I don’t deliberately monitor food prices but if I happened to find out, then I will make necessary adjustment. And anyway, I am indifferent when it comes to choosing food in the hawker centre. Rice or noodles, duck or chicken makes no different to me as long as the quality and quantity is reasonable.
The following are excerpts from Business Times to you a feel of the inflation problem worldwide.
=================================
Business Times - 20 Feb 2008
Inflation in China hits 11-year high, set to rise further
(BEIJING) China's inflation rose to its highest level in more than 11 years in January after devastating snowstorms worsened food shortages, according to data reported yesterday, and analysts warned there might be sharper increases to come.
Consumer prices in January climbed 7.1 per cent from the same month last year, driven by an 18.2 per cent rise in costs, the National Bureau of Statistics reported.
Economists warned that despite efforts to ease food shortages, China faces pressure for prices to rise across the board due to higher wages and costs for coal, iron ore and other industrial materials………………
………….Surging food costs are a political concern for Chinese leaders because they hit the poor majority hard in a society where families spend up to half their incomes on food.
===================================
Business Times - 20 Feb 2008
Higher food costs push up US consumer prices
WASHINGTON - Rising food costs helped push US consumer prices up for a second straight month in January by 0.4 per cent, more than offsetting a moderation in energy price rises as inflation showed signs of gaining steam, according to a Labour Department report on Wednesday.
=====================================
Business Times - 25 Feb 2008
S'pore's Jan CPI jumps 6.6%
SINGAPORE - Singapore's consumer prices rose 6.6 per cent in January from a year earlier, government data showed on Monday, as high food, transport and housing costs kept annual inflation at a 25-year high.
From a month earlier, consumer prices rose 1.5 per cent on a seasonally adjusted basis, the Department of Statistics said in a statement.
