Dear readers, as we continue to review Year 2021 which is drawing to a close, I could not help but discuss three financial surprises (not sure whether this is a good term) for Singapore households this year.
First, the Singapore’s electricity retail market. This year saw a number of electricity retailers go the way of the dinosaurs as wholesale electricity prices head north. Electricity prices on average for all households also have gone up. This development has really to do with the supply chain developments and is a part of a larger cost narrative as detailed in the second development below.
Second, the overall costs of living for Singapore household seem to have increased with increases in food prices, electricity prices, waste disposal and transport.
Third, Singapore is ranked the world’s second most expensive city to live in.
What have all the developments had in common? Well, the aforementioned developments continue to reinforce my belief in continuous savings and growing your monies through wise investments.
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