consumer-prices-“still-too-high,”-acknowledges-biden

SINGAPORE: An online user recently took to social media to report the price increase of hot tea and even the cost of having a key made, saying that the GST increase feels way more than one per cent.

“Today I (went to a) coffeeshop Lim Kopi,” wrote an online user under the name Anonymous Opinion on Sunday (Feb 4). “Tea O kosong (hot tea with no milk and no sugar) increased from $1 to $1.30,” they claimed in the Complaint Singapore group. “Then I (went to have a key made), (it) increased from $7 to $10. Wah! One per cent GST increased by 30 per cent!”

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Singaporeans react to price increases

Since the latest increase, social media has been flooded with posts from Singaporeans about how they have been seeing prices go up. A handful of online users responded to the post, sharing their two cents on the matter.

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“Not only is it happening in Singapore, but it is also happening everywhere in the world,” said one. “Their inflation is many times higher than ours. Our strong SGD has managed to counter the world’s crazy inflation rates.”

Another wrote, “It is called supply and demand. They raise $7 to $10, you also pay. That is why business will increase even more because the demand is still there regardless of them raising prices.

Why is this happening? Because people like you prioritise convenience. Singapore sure has other locksmiths (who) make keys still (for) $7 but you won’t go out of the way to their shop. You will still pay the $10 most of the time. Even if they make $13 you may also likely pay.”

“I don’t buy,” said a third. “I make my own 3-in-1 old town coffee. I buy from Malaysia too. Buy 3 packets when I go visit it lasts for 3 months.”

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Still, a fourth wrote, “Everything increases like no control.”

On Jan 1, 2024, Singapore increased the Goods and Services Tax from eight per cent to nine per cent, the second step in a two-step plan announced on the 2022 budget.

The plan was to raise the GST from seven to eight per cent in 2023 and then from eight to nine per cent in 2o24.

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