Taz part of a headline in today’s ST.
In the text of the story, it said “the top 20 per cent … were hit by … rate of 5.7 per cent — much higher than the 4.7 per cent for the bottom 20 per cent”.
(ST’s Breaking News reported, “The lowest 20 per cent income group experienced a lower increase in consumer prices at 4.7 per cent, compared to the middle 60 per cent and highest 20 per cent income groups, which experienced CPI inflation of 5.1 per cent and 5.7 per cent respectively.”)
The editors and the two reporters Aaron Low (Econs correspondent) and Melissa Tan obviously don’t know their maths.
Say a poor S’porean is earning $12,000 a year: a 4.7% inflation rate means he had $564 less to spend in the year on other things. For a rich S’porean earning $600,000, he has $34,200 less to spend.
Whose standard of living or savings rate is affected more? Obviously the poor S’porean, yet ST blithely writes, “Well-off bear biggest brunt of the price increases”.
What can I say?