Yes, the GST has just been raised from 5 to 7%. Prices are expected to rise with this increase in GST. Also with the buoyant stock and property markets, people are out spending their windfalls, so retailers are increasing their prices to take advantage of everybody's spending power.
My favourite otah has gone up in price from 40 cents a stick to 50 cents a stick (an increase of 25%) and the wantan mee from my favourite die-die-must-try stall has increased in price from $2 to $3. That's a 50% increase!! Car park rates at a mall I frequent has gone up from $2.10 an hour to $2.20 an hour.(That's a 5% increase). Looks like everyone is jumping on the bandwagon to increase their prices, but their increases are more than the 2% increase in GST! I find it hard to believe that the government survey found only 61 out of 1300 hawkers that have increased their prices. For me it is two out of my 4 favourite stalls.
Even landlords are doing the same. I just got a letter from little D's school to say that they would be moving out from their current premises at the end of this year. (oh dear! now our commute to school is going to take more than the 2 minutes we now take!) Little D's school is operated out of a BIG house in our residential area. The landlords have been increasing the rents every two years since the pre-school moved in. Now they want to double the rental!! I guess they just want our pre-school out! From the grapevine, I heard that they want to demolish the current house and build a row of semi-ds in its place. With the current prices, they would make a fortune! At the way things are going, it looks like almost all pre-schools that are currently in good residential districts would have no choice but to move out (unless parents are willing to fork out substantially more for school fees - Blek!).
I wish the government would do something about this. I believe it is "foreign" money that is coming in and buying up most of the properties, hence driving the prices up. Prices of everything will spiral out of control. Something needs to be done. I dont want to pay too much more for school fees, or anything. As it is, everything is already so expensive!!