The alternative news in 1 day? (part 39) – Lowest income had highest inflation?

January 23, 2014

I refer to the article “Singapore’s inflation eases in December” (Channel NewsAsia, Jan 23).

Inflation down?

It states that “For 2013, Singapore’s headline inflation averaged 2.4 per cent, sharply lower than 4.6 per cent in 2012.

For the full year, MAS Core Inflation came in at 1.7 per cent, compared to 2.5 per cent in 2012.”

Lowest 20% income group had highest inflation?

There is no mention in the subject news report that according to the Department of Statistics’ press release today – “For the CPI-All Items index, the increase for the lowest 20% income group was 2.3 per cent, higher than the 1.9 per cent for both the middle 60% and highest 20% income groups.”

Negative real wage growth? 

It is hard enough for the lower-income that their real wage growth (excluding employer CPF contribution) for the last 10 to 15 years or so, has been zero or negative.

They are now hit with a double whammy of having the highest inflation amongst the different income groups.

But hardly anybody knows?

Shouldn’t such a significant statistic be highlighted in the news reports about the inflation data released today?

Leong Sze Hian

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About the Author

Leong
Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.