SINGAPORE'S Trade and Industry Ministry released the latest inflation rate figures for year 2007.
Quoted from Forbes.com
"Singapore's consumer price index (CPI) rose 2.6 percent from a year earlier in July after the government raised the tax on goods and services to seven percent from five percent. In the seven months to July, CPI was up one percent, in line with the government's one to two percent forecast."
Okay, simply put: "Hey, No worries, CPI up by 1% only ... This is all within our forecast." As we know that CPI is a weighted average of prices of a fixed basket of goods and services. It is already one of the foolproof measurement for inflation (despite some weakness) But I am curious how they got this figure? As in, are they quoting prices from the outdated pricing information?
Few days ago, I mentioned about how some "careless stall owners" still putting up historical prices or "accidentally misled" consumers by blocking out some critical pricing informations despite the fact they have raised the price. (link) Today, I discovered yet another species-of-the-same-kind during my lunch time. Sticker on the stall says "Minced Pork Noodle $3.00", (somemore still got nice picture); it turns out to be $3.50! Naohia .. What the ____!?
This leads me wondering if the government staticians did actually walk up to the stall owners, tap their shoulders and asked: "Eh, Uncle, your bak-chor-mee how much huh?" or did they just quote from the sticker? "Orghh... $3.00 nia, Uncle never increased the price...hmmm .. Noted"
Look here, I do not questioning Singapore government's computation of CPI. (in fact, it is never easy to compute these data). I am saying, that it might affect the accuracy of this data. As we know, CPI information plays a critical role in our country's policy-making.
I really hope that all the stall owners would do some thing to correct their pricing informations. Come on, price hike got to be transparent. This is like, on one hand, they are shouting "Hey everyone come and eat my Bak Chor Mee ... $3.00 nia" and when you pay, they say "Hey, you siao ah, my Bak Chor Mee $3.50 lek. Increase liao lah.. You silly.." If not, the authorities, please do something!

Photo by Bunnilious
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