Chart of the Day: Here's proof that Singaporeans are riding the rising tide of inflation comfortably

Monthly incomes have grown 11%.

Commodity prices are hiking 2.2% every year for around 13 years now and while Singaporeans may be reeling from its lash, a recent survey shockingly shows that incomes and purchasing power have actually been surfing the rising tide of prices really well.

According to CIMB, with inflation growing steadily by c.2.2% p.a. since 2001 while household income on average grew 4.6% p.a. over the same period, real income of the Singapore household has strengthened over time.

Here's more from CIMB:

As highlighted by Singstat in a recent report, over the past five years from 2008 to 2013, the median monthly income from resident-employed households rose by 11% in real terms.

Despite all the complaints about the rising costs of groceries, eating out, transport and kids’ education, 74% of our respondents say they have increased the amount of money spent on discretionary items over the past two years.

Travel appears to have taken a bigger weight of that spending, compared to buying items of desire. 64% spent more money on holidays compared to two years ago, none spent lower. As for retail spending, the majority of respondents (34%) spent the most incremental dollars through online shopping channels.

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