The latest Singapore Consumer Price Index is out and it shows inflation is higher at 5.3% in June compared to 5% in May. And the Government says it now expects inflation to be higher than expected for the year “after prices rose faster than expected last month” according to The Straits Times report today.
The Department of Statistics also stated that the poorest 20% of households were hit the hardest by inflation in the first half of the year.
Well, well, well. Actually the consumers are not surprised as the stats merely prove what we have been saying all this while that just about everything has become more expensive over the past couple of years. Despite the glaring evidence, Minister after Minister kept trying to convince us not so long ago (as recent as May) that the “majority”/”average” Singaporeans are not affected by rising inflation! And the MSM even dutifully carried page 1 reports with those statements in the headlines with not a single media questioning how that could be true.
This time round, however, we haven’t read or heard any Minister making the same ludicrious claim (yet?). Hopefully, they have either realised finally that all of us really are affected by inflation or they have wised up to the fact that we are actually not daft. When in doubt, silence is usually best while action to tackle inflation would be most appreciated by all “average” and poor Singaporeans.