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27-03-2023, 01:22 PM
https://www.aljazeera.com/economy/2023/3...-singapore
The inflow of foreign wealth is also not welcomed by everyone in Singapore.
While a large portion of Singapore’s housing is by law reserved for Singaporeans, insulating much of the market from foreign buying, the influx of money has been felt in other areas.
“I have heard stories of crazy spending sprees by newly arrived mainlanders,” Chiu said.
“And I also personally find that when I want to go shopping these days things are either much more expensive or simply sold out compared to before, which I think has to do with all the foreign money running through the city.”
School teacher Sean Feng said sharp increases in food prices have made it tough to make ends meet for him and his family.
Singapore imports more than 90 percent of its food, leaving the country vulnerable to external headwinds. Food inflation exceeded 8 percent in January and February, significantly higher than the overall inflation rate, according to Singapore’s Department of Statistics.
Singapore’s core inflation rate of 5.5 percent in February ranked among the highest in Southeast Asia and more than double the rates experienced by other developed Asian economies like Hong Kong, Japan and Taiwan. In December, the Economist Intelligence Unit named Singapore the most expensive city to live in along with New York City.
“A lot of daily items are a lot more expensive now,” Feng told Al Jazeera. “I know inflation has been bad everywhere the last few years, but when so many people with so much money settle here, it is bound to make it even worse for us.”
“I just hope that Singapore can be a place for all those that call the city home,” Chiu said, “and not just a place for the super-rich.”
The inflow of foreign wealth is also not welcomed by everyone in Singapore.
While a large portion of Singapore’s housing is by law reserved for Singaporeans, insulating much of the market from foreign buying, the influx of money has been felt in other areas.
“I have heard stories of crazy spending sprees by newly arrived mainlanders,” Chiu said.
“And I also personally find that when I want to go shopping these days things are either much more expensive or simply sold out compared to before, which I think has to do with all the foreign money running through the city.”
School teacher Sean Feng said sharp increases in food prices have made it tough to make ends meet for him and his family.
Singapore imports more than 90 percent of its food, leaving the country vulnerable to external headwinds. Food inflation exceeded 8 percent in January and February, significantly higher than the overall inflation rate, according to Singapore’s Department of Statistics.
Singapore’s core inflation rate of 5.5 percent in February ranked among the highest in Southeast Asia and more than double the rates experienced by other developed Asian economies like Hong Kong, Japan and Taiwan. In December, the Economist Intelligence Unit named Singapore the most expensive city to live in along with New York City.
“A lot of daily items are a lot more expensive now,” Feng told Al Jazeera. “I know inflation has been bad everywhere the last few years, but when so many people with so much money settle here, it is bound to make it even worse for us.”
“I just hope that Singapore can be a place for all those that call the city home,” Chiu said, “and not just a place for the super-rich.”
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