Can't afford to drink coffee? The workers felt a deep malice!
Due to the impact of global climate change and supply chains, global coffee production is now decreasing, and the price of coffee has risen by 6% in the past 1 year, but now it is going to increase again!
Is coffee in Singapore going up again?
To drink or not to drink to workers?
In the past year, the global heat wave has reduced the production of coffee beans in several of the world's largest coffee bean production areas, resulting in a surge in coffee bean prices, according to the financial data and analysis website Trading Economics, the price of coffee beans has increased by 62.87% in the past year.
The global price increase of coffee beans has led to the price of many coffee practitioners having to rise with it.
Some neighborhood coffee shop entrepreneurs, because of the increase in the price of coffee beans, are already planning to increase the price of coffee. The main reason is that coffee beans have a greater cost pressure on neighborhood coffee shops, unlike many coffee chains or stores that sell coffee bean raw materials.
After all, coffee beans account for a large part of the cost of neighborhood coffee shops, if the price of coffee beans rises, it will inevitably lead to the cost of neighborhood coffee shops, so the entrepreneurs of neighborhood coffee shops want to make a profit, they can only choose to increase the price of coffee, so as to pass on the cost of employment.
However, the large chain coffee shops are different, their coffee bean cost only accounts for a small part of the operating costs, and the main cost is still in manpower and operation. They can use other means to balance the price, unlike the neighborhood coffee shop entrepreneur who has higher operating costs due to rising raw materials.
Once the price of coffee in neighborhood coffee shops and small coffee chains rises, will the consumption of coffee by migrant workers directly decrease?
It's not just coffee prices that are rising,
A lot of prices in Singapore have risen!
Previously, Singapore's inflation rate finally fell for 9 consecutive months last year, and suddenly from October last year, Singapore's inflation rate has rebounded to a certain extent. Subsequently, Singapore's inflation remained at a stable value.
Now, Singapore's core inflation rate rose again to 2.7% in August, a slightly higher increase than market expectations. Although the headline inflation rate was 2.2%, it still led to an increase in prices.
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The rebound in inflation has brought about a continuous surge in Singapore prices, with Singapore prices in August rising by 0.3% month-on-month compared with July, and overall prices rising by 0.7% month-on-month.
Before inflation, Singaporeans said that S$20 could still buy a bunch of things in Singapore, and now S$20 is not enough for 1 day's food for Singapore office workers.
Previously, some Singaporean people complained that their family of four used to eat a meal at a hawker center for about S$10, but now they want to go to a meal that has doubled, rising to S$20, and the cost of eating every month has risen by S$1,000, and even the idea of going out for dinner has faded.
Nowadays, not only the price of food is rising, but also the price of drinking, and the price of coffee is rising, which has caused the "fuel" of migrant workers to become weaker.
After all, the cost of eating every day is already rising, and the cost of consumption for a day is already compressing, once the price of coffee rises again, so young people choose to drink it or not?
Under Singapore inflation,
What about the cost of living?
Not only is the price of food and drink rising, it is reported that under inflation, the cost of living in Singapore is soaring, and the cost of water and electricity before inflation, which was about S$100, has now risen to S$300.
Not only the cost of living, now even the price of travel, shopping are rising, just usually take the bus to work for a month, plus weekend taxi travel, a month can exceed 600 Singapore dollars, plus shopping, shopping, now many Singaporeans prefer to choose online shopping, after all, offline stores are really expensive.
In addition, there is also a child's education, which costs thousands of Singapore dollars a month, and the scattered sum adds up to tens of thousands of Singapore dollars a month alone, which is about 50,000 yuan.
No wonder there are often netizens complaining that they really can't afford to spend in Singapore, it's too expensive!
The most expensive city in the world,
Why is there still a steady stream of people coming?
Previously, in the "2024 Global Wealth and Luxury Lifestyle Report" released by Switzerland's Julius Baer, Singapore once again ranked as the world's most expensive high-end lifestyle city.
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Even in the most expensive city, there is still a steady stream of people who want to come in, and it still attracts a large number of wealthy people.
Moreover, because prices have been rising, many Singaporeans said that the cost of living is rising now, but wages are not rising.
Why?
Previously, global payroll solution provider ADP released the "Workplace 2024: Global Workforce View" report, and 48% of Singaporeans said that their wages were too low, and this proportion was the highest among 18 countries including China, Singapore, Australia, and Japan.
Not only is it amazing, as the world's most expensive living city, Singapore's wallets can no longer keep up with the speed of rising prices.