Milk Formula Prices Spike by 120 Percent in 10 Years, Twice the Rate of Salary Growth

Posted on Feb 11 2017 - 6:11pm by Redwire Singapore

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Milk powder prices have spiked by a startling 120 percent from 2004 to 2014 according to the Department of Statistics.

The average price of milk formula was S$22.66 for a 900g tin back in 2004, but had leaped to S$50.01 in 2014.

The increase in milk formula prices has outstripped the increase in median salaries of Singaporeans.

According to the Manpower Ministry, nominal growth in median wage from 2006 to 2016 stood at 65 percent.

This wage growth figure doesn’t take into account inflation.

redwire singapore income growth

The increase is especially worrying for Singapore, where fertility rates are at an all-time low.

High cost has been named as a prominent factor in couples’ decisions to have less children, or not to have them at all.

Total fertility rate stood at a low of 1.2 last year, with 33,161 Singaporean babies born.

This is down from 1.24 in 2015, when 33,725 Singaporean babies were born.

 

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