Singapore: Inflation Woes Unresolved by Control of Imported Food Prices and Subsidies for Daily Necessities (February 4, 2008)
(Article in Chinese)
Singapore's Prime Minister Lee Hsien Loong said that the government is helping the poor and elderly cope with rising living costs, including a review of the public assistance fund.
The Finance ministry will disburse a package to aid citizens with rising food costs. Singapore relies heavily on food imports. Food importers and merchants will suffer business losses if restrictions are placed on them to curb raising prices. Reliance on government subsidies for daily necessities will not end the inflationary movement of food costs.
SOURCE: GlobalActionOnAging (GAA)
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The "package" is the traditional Chinese "Ang Pow" (often, a small cash gift, in a red envelope), given during Chinese New Year celebration. This alone, cannot solve the problem for the poor and elderly. The review into public assistance is promising.
Rising food prices is now reaching crisis point for many countries around the globe. The poor and elderly will be the most affected.
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