He underlined that, as shared by one resident, “the money is one-off, but the price increases are forever.”
SINGAPORE: During recent house visits at Compassvale and Anchorvale, residents have shared recurrent concerns over ““Folks intuitively understand that there are global factors at play when it comes to inflation. But when jumps are sharp, and felt in daily necessities—food, fuel, rent—it rocks our budgets, and households feel unable to cope, especially when they are already stretched thin,” he wrote in a June 9 Facebook post.
He further explained that real wages went up from 3.3 per cent in 2020 to 1.6 per cent in 2021. But last year, the increase—at 0.4 per cent—was considerably less. Profits gained by companies have stayed at a stable rate, with returns on assets for 2020 and 2021 at 5.2 and 5.3 per cent, and banks posted record profits in 2022.
Assoc Prof Lim underlined that, as shared by one resident, “the money is one-off, but the price increases are forever.”
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