A closer look at how prices have surged across key sectors since 2002
SINGAPORE: Inflation has become a much-discussed topic in recent years, especially following the global disruptions caused by the COVID-19 pandemic and the Russia-Ukraine conflict. Over the past two decades, the costs of food, transport, and education in Singapore have risen the most significantly, as highlighted in a recent analysis by the finance site DollarsAndSense.
The report revealed staggering price increases across these key areas:
Education: Up by 75.7%
Transportation: Increased by 67.2%
Food: Rose by 58.9%
In contrast, the price of clothing and footwear saw only a modest rise of 1.1%.
Breakdown of Inflation Across Sectors
Other significant cost increases include:
Healthcare: Up by 53.6%
Utilities and Fuel: Increased by 51.3%
Accommodation: Rose by 39.7%
Household Durables and Services: Up by 25.3%
Recreation and Culture: Increased by 17.8%
The report explains that a bowl of $2.50 fishball noodles in 2002 would now cost approximately $3.97.
Food Costs:
According to data from the Department of Statistics Singapore (Singstat), prices for all food categories have risen. Meat, milk, cheese, and eggs now cost almost double compared to two decades ago, while confectionery and non-alcoholic beverages, such as coffee and tea, have seen price hikes of around 48% to 50%.
Transport Costs:
The rise in transportation costs aligns with the increased prices of cars, motorcycles, and fuel. Public transportation fares, however, have risen at a slower rate, with a 39.9% increase over 20 years.
Education Costs:
Education-related expenses have surged by 76.4%, driven by tuition fees for primary and secondary schools as well as enrichment and supplementary courses. Additionally, the costs of textbooks and study guides saw a 43% rise.
These statistics underline the growing financial pressures faced by Singaporeans, particularly in essential areas such as food, transportation, and education.
