SINGAPORE — A majority of Singaporeans want the government to do more to help fight rising prices beyond the inflation relief package, according to a new survey by YouGov.
Amid rising global inflation, the Singapore government in June announced a S$1.5 billion support package to help some businesses as well as the lower-income and vulnerable groups.
About 86 per cent of citizens felt that there was scope to either do a lot or at least a little more than June’s S$1.5 billion inflation package, according to YouGov survey which polled 2,101 respondents over 21 years old between 30 June and 11 July.
Only 13 per cent of respondents say the current levels of government support are sufficient.
Expectation for greater support is higher among Gen X respondents at 88 per cent than their younger counterparts. Gen Z and baby boomers are most likely to be satisfied with the level of aid, with one in six or 16 per cent, in each group saying support is sufficient.
About 95 per cent of respondents who said they "can only just afford my costs and often struggle to make ends meet" think that more government support should be provided to address rising costs of living. This compares with 77 per cent who said they are "relatively comfortable financially".
A total of 94 per cent of respondents say their costs of living have gone up compared to 12 months ago, with 72 per cent saying it has "gone up a lot" and 22 per cent said it has "gone up a little".
The Monetary Authority of Singapore (MAS) tightened monetary policy in a surprise move last week to slow the momentum of inflation and ensure medium-term price stability.
Singapore’s core inflation rate, which excludes transport and accommodation, is projected to increase to a peak of 4 per cent to 4.5 per cent in the third quarter of 2022, Ravi Menon, managing director of MAS, said in a speech on 19 July. It may slightly ease towards the end of this year, though still around 3.5 to 4 per cent — much higher than what Singapore has been used to, he said.
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