Price concerns

Getting 'buy-in' on cost of living

Household expenditure surveys have found that ownership of mobile phones, personal computers and Internet subscription has also gone up, with Singaporeans adopting a digital lifestyle.
Household expenditure surveys have found that ownership of mobile phones, personal computers and Internet subscription has also gone up, with Singaporeans adopting a digital lifestyle.PHOTO: BLOOMBERG
According to household expenditure surveys from 2007/08 and 2012/13, spending on food items went up by 18 per cent, and spending on dining out went up by 27 per cent. Experts say rising aspirations have also contributed to the perception of a higher
According to household expenditure surveys from 2007/08 and 2012/13, spending on food items went up by 18 per cent, and spending on dining out went up by 27 per cent. Experts say rising aspirations have also contributed to the perception of a higher cost of living as people consume higher-cost goods and services.ST PHOTOS: LIM YAOHUI, FILE
According to household expenditure surveys from 2007/08 and 2012/13, spending on food items went up by 18 per cent, and spending on dining out went up by 27 per cent. Experts say rising aspirations have also contributed to the perception of a higher
According to household expenditure surveys from 2007/08 and 2012/13, spending on food items went up by 18 per cent, and spending on dining out went up by 27 per cent. Experts say rising aspirations have also contributed to the perception of a higher cost of living as people consume higher-cost goods and services.ST PHOTOS: LIM YAOHUI, FILE

In his National Day Rally speech, Prime Minister Lee Hsien Loong explained why Singaporeans are feeling cost-of-living pressures - not just because of price increases, but because they have become used to a higher standard of living. Insight looks at this, and what can be done to ease the strain.

It is said that numbers speak for themselves, but when it comes to the cost of living, they sometimes do not.

The issue of rising costs and managing one's income is vexing Singaporeans enough that Prime Minister Lee Hsien Loong spoke about it a fortnight ago during the National Day Rally, which is considered the biggest political speech of the year.

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A version of this article appeared in the print edition of The Sunday Times on September 02, 2018, with the headline 'Getting 'buy-in' on cost of living'. Print Edition | Subscribe