Macau

The inflation rate for January 2008 reached a record 8.3% compared to the same month in 2007, while a survey shows that poor families find food more unaffordable.

Figures released by the Statistics and Census Bureau shows that the Composite Price Index for January 2008 was 119.61, an increase of 8.30% compared to the same month in 2007. This is the sharpest increase in 13 years.

Such increase is caused by significant rises in prices of non-alcoholic drinks, housing and fuel, and medical care, at 14.42%, 14.26% and 12.53% respectively.

Fresh beef prices recorded a rise of 54.70%, while fresh pork prices had risen by 43.46%.

Other food prices, such as cooking oil, frozen poultry and sea fish also recorded rises of over 20%, and vegetable prices had gone up by 18.87%. Eatery prices also went up by 12.13%.

Meanwhile, a survey conducted by the Union for the Neighbourhood Associations of Macau among poor families show that over 60% of the respondents feel the pressure in paying for food and daily necessities.

Medical care came third of the expenses that the respondents, about 75% of which are receiving government assistance, feel the pressure in paying the cost.

The Union suggested the Government to implement a number of measures to help them, including increasing assistance, distribution of coupons, speeding up construction of public housing, public utilities price control, and buying beds in elderly homes.

They also suggested the Government to open up the channels to import food to increase supply.

One reader's comment: " I just wish to say that I am no expert in the areas of economy, inflation, or whatever subject that applies to Macao. However what I wish to say is that the overall quality of life of people in this town is continuously and sharply declining. It happens so fast that my head spin."

Used With Permission: BlogMacau.Info