Source: Department of Statistics Singapore...As a personal finance writer, I am acutely aware of the recent increases in the cost of living in Singapore. But the reality of it really hit home when I saw that the price of my favourite wanton mee at the newly refurbished coffeeshop near my place went up yet again this year. A bowl of wanton mee that cost only $4 last year became $4.50 after the 2023 GST hike in January. The latest hike brought the price to $5. Although the price of the wanton mee ‘only’ went up by $1 in absolute terms, this marks a 25% increase in price, which is pretty substantial. These price increases are happening at a national level as well. If you look at the inflation numbers for February 2023, one month after the GST hike, food prices increased by 8.1% compared to a year ago: Source: Department of Statistics Singapore...
Source: Department of Statistics Singapore...
