Singapore INFLATION and COST of LIVING in Laymen Term

[greenies]

Though there are numeric ways to describe the inflation and the cost of living, how are we understand them in very simple (laymen) term?

Me think it is good to measure in our basic food prices and the housing/ facilities costs.

Say, we eat our meal out and spend $10-15 a day compared with the past $5-6 range in 8 years ago.
Then, the inflation could be defined as 100-150% over 10 years.
Or better (bettest) if we compare average household expense on daily needs.

For cost of living, it is easy to compare and understand our housing price (buy or rent) and our electricity/ water/ S&C charge/ transport fares etc. now and 8 years ago?

8-years time frame is to KPI our PM Lee leadership in steering citizen life.

 

[mojito]

But you see nowadays foodcourt got aircon, and more variety like Burmese, Pino and North Indian cuisine! For that, Singaporeans are getting better value for money! Oh, and thanks for helping boost gdp so our minions bonus gao gao every year! Membership has its privileges!

 

[bic_cherry]

Though there are numeric ways to describe the inflation and the cost of living, how are we understand them in very simple (laymen) term?
Me think it is good to measure in our basic food prices and the housing/ facilities costs.
Say, we eat our meal out and spend $10-15 a day compared with the past $5-6 range in 8 years ago.
Then, the inflation could be defined as 100-150% over 10 years.
Or better (bettest) if we compare average household expense on daily needs.
For cost of living, it is easy to compare and understand our housing price (buy or rent) and our electricity/ water/ S&C charge/ transport fares etc. now and 8 years ago?
8-years time frame is to KPI our PM Lee leadership in steering citizen life.

BTW, U can also rigg how inflation is actually calculated by altering the basket of goods. There are many many grey areas in the calculations I understand.

E.g. if say in 1990, a 100g bar of soap costs 50¢, by 2000, the same bar of soap might have shrunk to 60g, but priced still at 50¢. Same brand it might be, but U certainly get much less: still, economist might declare zero inflation in price of soap, simply because there is no change on nominal price, although the price per gram has changed drastically: same applies to char siew rice etc.

Also the quality of new items change/ deteriorate over time: e.g. a average bicycle bought in 1960s might last the user one whole lifetime of daily use albeit with some maimteinence in between. Today's bicycles are made with inferior metal and complex Ill fitting parts which often go out of date. So whilst per bicycle affordability has improved, the overall cost to the user is much more today since repairs may not be fesable, resulting one having to buy a few brand new bicycles over one's lifetime.

So sometimes it is better to identify certain specific food/ consumer items, rather than let political economist deceive us left and right.

Ref:
Information Paper on The Rebasing of the Consumer Price Index (Base Year 2009=100)[PDF]

 

[jw5]

Have the minions come back from their block leave? :p

But you see nowadays foodcourt got aircon, and more variety like Burmese, Pino and North Indian cuisine! For that, Singaporeans are getting better value for money! Oh, and thanks for helping boost gdp so our minions bonus gao gao every year! Membership has its privileges!

 

[The_Hypocrite]

I find that the average singkie does not know the difference between standard of living and cost of living. So its no surprise that the can be hoodwinked by the pappies about inflation.

 

[Leongsam]

I find that the average singkie does not know the difference between standard of living and cost of living. So its no surprise that the can be hoodwinked by the pappies about inflation.

I find that the average sinkie doesn't know much about anything.

 

[GoldenDragon]

I find that the average sinkie doesn't know much about anything.

Ignorance is bliss.

 

[The_Hypocrite]

And assholes are assholes...like Boss Sam..

Ignorance is bliss.

 

[greenies]

Thank you.
Your points are valid and worthy.
We really see those things happened.

BTW, U can also rigg how inflation is actually calculated by altering the basket of goods. There are many many grey areas in the calculations I understand.

E.g. if say in 1990, a 100g bar of soap costs 50¢, by 2000, the same bar of soap might have shrunk to 60g, but priced still at 50¢. Same brand it might be, but U certainly get much less: still, economist might declare zero inflation in price of soap, simply because there is no change on nominal price, although the price per gram has changed drastically: same applies to char siew rice etc.

Also the quality of new items change/ deteriorate over time: e.g. a average bicycle bought in 1960s might last the user one whole lifetime of daily use albeit with some maimteinence in between. Today's bicycles are made with inferior metal and complex Ill fitting parts which often go out of date. So whilst per bicycle affordability has improved, the overall cost to the user is much more today since repairs may not be fesable, resulting one having to buy a few brand new bicycles over one's lifetime.

So sometimes it is better to identify certain specific food/ consumer items, rather than let political economist deceive us left and right.

Ref:
Information Paper on The Rebasing of the Consumer Price Index (Base Year 2009=100)[PDF]

 

[greenies]

But you see nowadays foodcourt got aircon, and more variety like Burmese, Pino and North Indian cuisine! For that, Singaporeans are getting better value for money! Oh, and thanks for helping boost gdp so our minions bonus gao gao every year! Membership has its privileges!

So our ministar said was true.
We have hawker centres, food courts and restaurants; which one you prefer!