Singapore inflation rates since Jan 2008:
January: 6.6%
This increase is totally un-expected. I did not expect the raise of the annual values of houses could cause a 11.1% jump in housing cost! This year inflation is definitely going to be a record. I expected 5 to 5.2%.
With the current volatile climate, I could not estimate any inflation rate for this year. All I know is that this year's growth will definitely be slow. With inflation rates that might end up higher than the economic growth rate for 2008, the year of the rat is definitely not a good year for Singapore.
I do not want to say the S word but I think its fast becoming a reality here, no thanks to the government's insistence of raising the GST. This budget, I was actually looking forward to them cutting GST for all essential goods like flour, rice, etc. Why don't they do that to elevate the cost pressure?!?!?!?
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