mr funny
11-06-08, 23:35
http://www.straitstimes.com/Latest%2BNews/Singapore/STIStory_246820.html
June 11, 2008
Cost of living up for expats in S'pore
Republic up 17 places in global ranking due to higher inflation and stronger Singdollar
By Grace Ng
SINGAPORE has become a more expensive place for expatriates to live, but it is still cheaper than Hong Kong, even though the gap is closing with its long-time rival.
The Republic jumped 17 places to land at the 114th spot in a global survey of the costliest cities for expatriates, because of higher inflation and a stronger Singdollar in the past year.
Singapore closed the gap with pricier cities such as Hong Kong, which fell in the rankings to the 97th spot, in the survey conducted by human resources firm ECA International.
Within Asia, Singapore actually fell from the ninth spot six months ago to the 13th spot, partly because the cost of living in some Japanese cities had risen rapidly due to the stronger yen.
The purchasing power of expats living in Singapore has been dented by higher costs such as rents, fuel and food, as well as a stronger Singdollar.
According to ECA's data, the cost of fuel rose by more than 13 per cent in the last six months, while the price of foodstuffs such as egg noodles soared by almost 15 per cent.
Inflation in Singapore is now at a 26-year high, after accelerating at a faster-than-expected rate of 7.5 per cent in April.
This prompted the Government to raise its inflation forecast to between 5 per cent and 6 per cent, up from the 4.5 per cent to 5.5 per cent range.
On Wednesday, the Singdollar fell to about 1.374 against the greenback, but analysts expect it to gain further this year as the Government seeks to rein in inflation.
Read the full story in Thursday's edition of The Straits Times.
June 11, 2008
Cost of living up for expats in S'pore
Republic up 17 places in global ranking due to higher inflation and stronger Singdollar
By Grace Ng
SINGAPORE has become a more expensive place for expatriates to live, but it is still cheaper than Hong Kong, even though the gap is closing with its long-time rival.
The Republic jumped 17 places to land at the 114th spot in a global survey of the costliest cities for expatriates, because of higher inflation and a stronger Singdollar in the past year.
Singapore closed the gap with pricier cities such as Hong Kong, which fell in the rankings to the 97th spot, in the survey conducted by human resources firm ECA International.
Within Asia, Singapore actually fell from the ninth spot six months ago to the 13th spot, partly because the cost of living in some Japanese cities had risen rapidly due to the stronger yen.
The purchasing power of expats living in Singapore has been dented by higher costs such as rents, fuel and food, as well as a stronger Singdollar.
According to ECA's data, the cost of fuel rose by more than 13 per cent in the last six months, while the price of foodstuffs such as egg noodles soared by almost 15 per cent.
Inflation in Singapore is now at a 26-year high, after accelerating at a faster-than-expected rate of 7.5 per cent in April.
This prompted the Government to raise its inflation forecast to between 5 per cent and 6 per cent, up from the 4.5 per cent to 5.5 per cent range.
On Wednesday, the Singdollar fell to about 1.374 against the greenback, but analysts expect it to gain further this year as the Government seeks to rein in inflation.
Read the full story in Thursday's edition of The Straits Times.