It was just the beginning of the month that the price of a barrel of oil has passed the US$122 (http://news.bbc.co.uk/2/hi/business/7385061.stm) mark for the first time. I was reading the papers last week and it was US$127. Today, it hit US$133 (http://www.bloomberg.com/markets/commodities/energyprices.html).
Analysts at Goldman Sachs predicted oil could reach between $150 to $200 over the next six months to two years in a report at the beginning of the month. Looking at the alarming rate oil is going. Who knows how soon will oil hit the $150 mark.
Household and consumers around the world are already feeling the pinch of higher energy prices, although Singapore consumers have been partly cushioned by a strong local currency. However, higher oil prices have seeped into electricity bills, transport costs and operating costs for businesses in Singapore.
With commodities inflating, oil price rising, will Singapore consumer feel the pinch? Will we have to tighten our belts? The next question every Singaporean will be asking, will there be a salary revision?
With flour price increasing, rice inflating, oil price rising. Petrol at $2.186 (prices taken from Shell).
Should I get a car?
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