The Economist Intelligence Unit has named Singapore as the world’s most expensive country for expats. This was reported in its Worldwide Cost of Living Index 2014 report. Singapore overtook countries like Tokyo, Paris, Oslo, Zurich and Sydney. One of the factors that the EIC says pushed overall cost of living upwards? The COE needed to buy vehicles.
This is yet another article to remind us how bleak life in Singapore will be if the government refuses to step in with regulation to help improve the lot of locals.
If it’s expensive for expats, what about us?
CPI Inflation is expected to shoot up almost a full percentage point to 3.3% this year from 2013. UOB attributes this estimate to a tight labour market and higher industrial rental prices, which will push companies to pass on costs to consumers.
Besides that, our wages are already not keeping up with year-on-year inflation, and it appears that it’s going to get even worse down the road. Wage increases here are found to be amongst the lowest in Asia and the rest of the world.