The Straits TimesWorkers' Party MP Jamus Lim shared how inflation has hit Singaporeans hard.
He also said it has been observed that increases in inflation follow the introduction of value-added taxes like the GST. He said that Japan has increased its version of the GST thrice over the past 25 years, and each time, the inflation rate would more or less double for up to a year.In October, official data showed that. This was higher than the 5.1 per cent rate in August, and marked its highest level since it touched 5.5 per cent in November 2008.
The range of measures that the Government has rolled out, like additional U-Save rebates, service and conservancy charges credits and Community Development Council vouchers, have helped with higher costs, said Prof Lim. But these appear "piecemeal and inadequate" as they cater to the average household within each group, he added. have increased from $3 to $5, and how their utilities bills have doubled.
"Their worries are compounded since, by definition, spending on such necessities is seldom viewed as optional."A simpler way to address this problem is to temporarily exempt these categories of essential goods and services from the GST hike, he said, noting that these categories have been subject to the greatest price volatility in recent months.
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