atans1

$100 chicken if food tracked house prices?

In Property on 13/02/2013 at 7:16 am

Reading the u/m, got me doing some very simplistic calculations on the back of an envelope, and using some very simplistic assumptions, it would be plausible and reasonable to argue that  a chicken here would cost at least $100 if its price kept pace with the rise of the cost of a three-room HDB flat since the early 1970s.Maybe Coyote Chee’s economists could do a study? No point asking s/o JBJ. He now trying to be half-past six lawyer like dad, wanting to argue in person that the govt breached the constitution in funding the IMF.

If the price of food had risen as quickly as the price of houses over the last 40 years, we would now be paying more than £50 for a single chicken, according to the housing charity Shelter.

The charity says that since the early 1970s, house prices have risen far faster than grocery bills.

In 1971 an average home in Britain cost less than £6,000.

Forty years on, it had shot up to £245,000. BBC article

 

  1. PAP government claims that it is rich,and yet it likes foreigner buying houses in Singapore for investment,that is supply and demand,PAP alone decides whether property prices should go up or down,President Tony Tan already said many years ago:Sure to go up!Many citizens love PAP for this really.

  2. That’s coz there’s been a food revolution in the 1960s and 1970s which has driven food prices down for decades. The agri-food production industry is now a low-margin, mass production, huge economies of scale industry, no longer the inefficient, high cost, high margin cottage industry of old. There isn’t a similar revolution in construction industry, hence construction inflation has mainly followed overall inflation — until in recent years due to big surge in demand & usage of industrial materials, especially from China, hence costs have increased at higher than historical rates.

    If not for the food revolution in the 1970s, many people today will only be able to afford eating meat only once a week, just like 50-100 years ago.

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