Just now I read a CNA article where an economist said that inflation is easing. I was thinking, "Did this guy ever read the local news?".
Just this week (or last), there was an article that was describing the rise in price for some of the foodstuff in our supermarkets. The minimum rise I saw was 15 cents. So what inflation easing?
I think this person forgot that we import most of our foodstuffs and products. Therefore when our currency weakens, imported foodstuffs become more expensive. Note that foodstuffs occupy about 23% of our CPI basket. Yes, oil prices are down but our electricity prices are still sky high until next Jan. I still see inflation rate for November and December hitting above 6%.
Inflation easing? Yeah right... It's barely easing, and not as much as what some previously predicted.
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