There’s really nothing new that this announcement can tell us about the costs of living in Singapore. It’s always been a major gripe that things here are just way too expensive. That’s why we love sales so much, no?
The higher costs of living this year is a result of increasing inflation and a stronger currency. It seems that raw food prices, especially those imported from Australia and New Zealand, have increased considerably in the last 12 months.
Costs now are extremely volatile, which is a major worry for firms. The swinging back and forth of office rentals and such makes it difficult for firms to forecasts costs and appropriately plan their budgets. Can anyone remember how expensive office space was 2 years ago? And look what’s going on now. Firms that sign or renew a lease during the upturn may find themselves at a competitive disadvantage due to these higher costs.
On the flip side, you could probably use this news to negotiate for better pay, especially if you’re a foreigner.
For those who are interested, here’s a list of the top 10 most expensive cities in Asia. If you want to get a feel of the room rental prices, you can examine my listings site at agentfairent.wordpress.com.
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