Yes, the prices of most things have gone UP again!!
My daughter was just commenting about how the fishballs in school have shrunk in size, and now noodles only come with 2 (instead of 3) fishballs.
My favourite walnut loaf (bought from one of the hotel pastry shops) went up in price from $8 to $10. Since the price increase, I have decided to forgo having it for breakfast. Even Gardenia's milk loaf has gone up from $1.90 to $2.15.
Yesterday, I went with m-i-l to buy some dry goods. We paid double what we paid last year for some things - eg fish maw was now $48 per kg vs $30 last year.
I shudder to think about the prices of the New Year goodies I have yet to purchase.
Price inflation usually sets in when the economy is doing well. Market sentiments are good, everyone is bullish, property prices have gone up, so everything goes up in tandem. People were spending during the Christmas season like there was no tomorrow, and still are. Top-end restaurants were full. It was the first time I had heard car ads telling people to buy their loved ones a car for Chrismas!! People become more materialistic.
But did wages increase at the same rate as these price increases? I dont think so. Some teachers in my daughter's pre-school commented that they did not get an increment this year. Also, what happens to the lower income group in society? I am sure their wages did not rise in the same proportion as these price increases. They are the ones that suffer as a result.
Should we not be more prudent and not over-indulge? Spend only if necessary.(Makes me sound like a scrooge). I know everyone here is still bullish about everything. But stop! Look at the Dow. Our STI follows it quite closely, and the Dow has been hit recently. With the sub-prime mortgage loan problems in the US, I forsee a recession there soon, and it will move to our shores before we know it. So spend wisely, and save for the future!