A report by human resources consultancy, ECA International, found that Singapore is the 10th most expensive city in Asia and 72nd worldwide.

The firm said price rises have not slowed down as much in Singapore as in other parts of Asia in spite of its weakened currency.

In addition, currencies of locations which were previously more expensive than Singapore – like London and Stockholm – have depreciated at a faster rate than the Singapore dollar.

This has led to Singapore becoming more expensive for visitors than many other locations in the survey.

Topping the list for the most expensive city in Asia is Japan’s Tokyo, while Angola’s Luanda is the most expensive city in the world.

In all, four Japanese cities, Tokyo, Nagoya, Yokohama and Kobe, made it to the top five most expensive places globally.

ECA International said the cost of living in Asia has become more expensive as Europe and the US are bearing the brunt of the recession.

Source : Channel NewsAsia – 10 Jun 2009

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The latest Cost of Living survey by consultancy firm ECA International shows that Singapore has leapt 17 places in ranking this year.

The city-state is now ranked 13, trailing behind cities such as Beijing, Taipei and Shanghai.

Higher food and fuel prices are among the reasons for the jump.

Tokyo tops the list as the most expensive Asian city for expatriates, followed by Yokohama and Seoul.

ECA’s Cost of Living survey is carried out twice a year, comparing a basket of more than 120 consumer goods and services commonly bought by expatriates in over 370 locations worldwide. – CNA/ac

Source : Channel NewsAsia – 11 Jun 2008

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Mr Lee, who was speaking to 120 bankers at the hour-long Thomson Reuters Dialogue on Tuesday, added that more would be done to ease capacity constraints, such as the crunch in office space and accommodation.

The financial sector in Singapore grew by some 17.5 percent last year. But the prime minister said Singapore needs to level up to cope with this upsurge in activities.

He said: “We are running up against constraints because we don’t have enough office space, we don’t have enough accommodation and rentals have gone up.

“We don’t have enough schools for the expatriates’ children. (But) we are addressing this – we are helping the United World College to build a new school in Tampines, and they told me that places are already fully taken.”

Mr Lee added that rentals are likely to come down, with more offices and apartments coming on stream in the next few years.

On the whole, he is optimistic that Singapore will be able to weather the economic slowdown in the US.

Responding to a question, Mr Lee said while the value of export in the electronics sector is down, the volume has increased and there are other sectors that are doing well within the manufacturing sector, such as the pharmaceutical and petrochemical businesses.

On the issue of inflation, the prime minister said food prices will continue to rise for some time as consumption continues to increase.

Another reason for the price hike is an under-investment in the agricultural sector previously. This shortage in food supply has resulted in hoarding and some countries have limited the export of rice.

Mr Lee said he hopes ASEAN member countries can coordinate efforts and not work against one another so as to ensure that rice gets to the people.

The topic of foreign talent was also raised at the dialogue session. Mr Lee said that like London and New York, Singapore needs to tap on a range of expertise from all over the world.

“We are not only a city, we are a country. We have to have a hard core of Singaporeans so that the character of the place remains Singaporean, while being cosmopolitan,” he said.

As for leadership renewal, Mr Lee said Singapore needs to keep it contestable while focusing on building a good team that can meet future challenges and find new ways of engaging the population.

Source : Channel NewsAsia – 6 May 2008

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It said the consumer price index was boosted by higher costs of food, transport, communications and housing.

The March consumer price index figure was down 0.1 percent from February’s figure, the department added.

On a seasonally adjusted basis, the index was 0.3 percent higher in March, compared with the previous month.

Inflation reached 6.6 percent in the first three months of 2008, compared with the same period last year.

Singapore is not alone in grappling with inflation.

The United Nations food agency on Tuesday said the world faces a “silent tsunami” of soaring food prices and more must be done to help secure future supply.

Rising food prices are driving more people in Singapore to join the queue for free meals, charities said.

Crude oil is also trading at near record high prices globally.

Source : Channel NewsAsia – 23 Apr 2008

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The inflation rate, as indicated by the consumer price index (CPI), was the highest since the 7.5 percent hit in March 1982.

From a month earlier, consumer prices in January rose 1.5 percent on a seasonally adjusted basis, the DOS said.

The Ministry of Trade and Industry (MTI) issued a statement along with the DOS data, saying the year-on-year jump in inflation in January was due to one-off factors such as a housing value revision and that it was in line with the official inflation forecast of 4.5-5.5 percent for 2008.

The MTI said inflation would start to ease in the second half of the year. In December, the annual rate was 4.4 percent.

“The 6.6 percent year-on-year increase in the CPI in January 2008 was consistent with the official inflation forecast of 4.5 to 5.5 percent for 2008 as a whole,” the MTI said.

The DOS said the jump in inflation was due largely to an 11.1 percent spike in housing costs recorded after a revision to values of public housing.

Housing costs, which account for 21 percent of the consumer price index, have the third-largest weighting after food and transport/communication.

Food prices, which carry the largest weighting in the CPI, rose 5.8 percent in January from a year earlier.

Transport and communication costs rose 6.9 percent between January 2007 and January 2008, driven by soaring global fuel prices and higher taxi fares.

Higher petrol prices also contributed to a rise in transport costs for food. This, coupled with higher global food prices, means more expensive grocery bills.

However, one local supermarket chain has extended a discount scheme to help shoppers cope with rising costs. NTUC FairPrice has given customers 5 per cent off prices of 500 of its housebrand products since mid-December 2007.

The discounts, originally due to finish at the end of February, has now been extended until the end of April. The extension is costing FairPrice S$1 million and is part of the company’s “Stretch Your Dollar” programme.

In the heart of Singapore’s financial district, many were not surprised to hear the latest inflation figure. Many have already tightened their belts.

“I have a family, so I have to plan our expenses and cut out unnecessary spending and then maybe make some investment to cover the shortfall,” said a member of the public.

“Shop around a bit more, do a bit of homework (before buying anything). It’s a bit tedious, but at the end of the day it’s your pocket,” said another. – CNA/ac/ir

Source : Channel NewsAsia – 25 Feb 2008

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Analysts say they expect the government to announce measures to help Singaporeans cope with inflation and the higher cost of living.

In December 2007, consumer prices rose 4.4 percent over the previous year, touching a 25-year high in the Republic’s history.

For the whole year, the Department of Statistics said inflation was up 2.1 percent.

It attributed the increase partly to the 2 percentage point hike in the Goods and Services Tax in July.

Health care cost surged 4.1 per cent, accounting for the biggest change to the Consumer Price Index.

However, analysts expect the economy to be on track to reach the government’s growth forecast of 4.5 percent for the year 2008. – CNA/ch

Source : Channel NewsAsia – 28 Jan 2008

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Inflation rose at the fastest pace in 12 years last month — as the Goods and Services Tax (GST) hike kicked in, food costs rose and rents soared.

The Consumer Price Index (CPI) rose 2.6 per cent from a year earlier after rising 1.3 per cent in June, the Department of Statistics said yesterday. The rise was the fastest since January 1995.

Compared to a year ago, gains were the sharpest for healthcare, as more expensive Chinese herbs and higher medical consultation fees pushed the category up by 5.7 per cent.

Food, which has the largest weightage in the CPI, increased 2.9 per cent from a year ago, as the costs of cooked food, fruits, fish and milk powder went up — the last due to higher global prices.

July also marked the first month the surge in real estate prices finally hit headline inflation. While housing prices went up by 0.7 per cent from a year ago, it crept up by 4.9 per cent compared to June as electricity prices climbed and rents increased.

Public housing rents — which hit a 10-year high last month — is included in the CPI’s housing component, unlike private rents.

The Monetary Authority of Singapore expects inflation this year to be at the upper half of its 0.5- to 1.5-per-cent range, before rising to about 2 per cent next year.

But private-sector economists expect full-year inflation to exceed 1.5 per cent this year. UOB economist Alvin Liew, whose forecast is 1.8 per cent, said the impact of the GST hike would be “felt for the next 11 months”.

Also, bad weather in the region has led to supply disruptions that may continue to bolster food costs, CIMB-GK economist Song Seng Wun told Dow Jones Newswires.

Source : Today – 24 Aug 2007

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