Singapore's core inflation rose further to 4.8 per cent in July.

Inflation in July:

• Food 6.1%
• Electricity and gas 24%  (larger increase in electricity and gas tariffs)
• Accommodation 4.6%
• Services (outpatient services, airfares, as well as recreational and cultural services)  3.5% 
• Private transport 22.2%
• Retail and other goods 2.8%

Source: https://www.channelnewsasia.com/singapore/core-inflation-rises-stronger-increase-food-electricty-gas-prices-2894531

What are the main drivers of the inflation?

How can the impact of inflation be mitigated?

Inflation started in 2021

Inflation measures how much more expensive a set of goods and services has become over a certain period.

https://www.channelnewsasia.com/singapore/why-singapore-inflation-rising-prices-higher-what-can-be-done-2463081

https://www.syfe.com/magazine/singapore-inflation-hits-10-year-high-heres-how-to-manage-your-money/

How would the implementation of open electricity market affects the price of electricity?
One can now sign-up for alternative electricity providers in Singapore to save up to 21% on bills.

 



A forum on the OEM - https://www.kiasuparents.com/kiasu/forum/viewtopic.php?f=47&t=91037

Source: http://www.straitstimes.com/news/business/economy/story/how-and-why-mas-guides-the-singapore-dollar-5-things-you-should-know-201

Inflation, GDP - check out the video on how these affect Singaporeans.

Advance estimates show that Singapore's gross domestic product (GDP) grew by just 0.3% in April-June on a quarter-on-quarter, seasonally adjusted and annualised rate (SAAR), slowing sharply from the first quarter's 10% pace.
However, compared to a year ago, the economy is likely to expand by 2.4%, faster than the 1.6% pace recorded in the first three months of 2012.
This could be attributed to the expanding manufacturing sector, which takes up a quarter of Singapore’s GDP. The relatively better performance in the rig-building and pharmaceutical industries helped to negate the weaker performance in the electronics industry.

In addition, the Singapore economy has also benefited from a strong growth in tourism and construction sectors. The financial sector, which takes up 12% of Singapore's GDP, on the other hand, is weakening due to weakness in the equity markets.
 

Source: Singapore GDP likely slowed in Q2, possible contraction 9 July 2012

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_820329.html

Crude oil prices rise on news of a halt of production by the world's seventh largest oil producer
Norway's energy industry ordered a lockout next week that threatens to bring production to a halt in Western Europe's largest oil exporter and the world's number two gas supplier. The lockout was announced after a massive strike by more than 700 North Sea oil workers over pensions. The lockout will mean that 6,515 workers covered by offshore pay agreements will not be permitted to enter their workplaces.

·    At a time when global supplies are already being hit by an embargo on Iranian oil, halting the production of the world’s seventh largest oil exporter has caused the crude oil prices to rise.OLF, the employers’ organization, is speculating that Norway will be seen as an unreliable gas supplier. The threat of a lockout was also prompting speculation that the Norwegian government would step in, noting that the country's US$600 billion sovereign wealth fund was entirely dependent on oil revenue

Lockout threatens to halt Norwegian oil and gas output 
06 July 2012 Channel News Asia
http://www.channelnewsasia.com/stories/afp_world_business/view/1211907/1/.html

Pay rises eroded by high inflation, real wage growth 0.9% 

·         Even though the tight labour market raised wages by 6.1%, Singaporeans only enjoyed a real wage growth of just 0.9%. This was much lower than the real wage growth of 2.9 per cent workers enjoyed in 2010.Most of the wage increase was eroded by inflation. 

·    The twin scenarios of high wages and high inflation point towards a wage-price spiral but economists remain divided on this occurrence. This is because the uncertain economic conditions may cool global demand and hence, place lower pressures on wage increase.

·         Policy measures to raise real wages have been deliberated. Options such as raising absolute wages and boosting the pay of the low-wage earners have been contemplated upon. 

 

http://www.straitstimes.com/BreakingNews/Singapore/Story/STIStory_816919.html

http://www.euronews.com/
The total number of people out of work in the eurozone hit almost 18.5 million in September as the latest figures show unemployment at record levels in September 2012.

What is unemployment?
What do you think is the main cause of unemployment in Eurozone?
Why is inflation?
Why has inflation ease?
Is tax cut necessary?
How does it helped the economy?

What is inflation?
What causes inflation?
What is the difference between cause-push and demand-pull inflation?
What are the effects of inflation?
How is inflation measured?
How does the central bank monitor inflation?

http://learn.christianaid.org.uk/TeachersResources/secondary/ResourceOverview/simulation.aspx

Secondary simulation games
Fun and interactive, simulations games use role-play and decision-making to explore real life global issues.
The Chocolate Trade Game - Simulation game about fair trade
The Paper Bag Game - Simulation game about poverty
The Poverty Challenge - Simulation game about poverty and sustainable development
The Trading Game - Simulation game about trade and economic development
Trading trainers - Simulation game about labour and fair wages