Amid rising costs, businesses should not be seen as the enemy
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EVEN as inflation eases, cost-of-living pressures remain an undeniable concern in Singapore. Yet while fear and frustration are understandable, the antagonistic stance that some consumers take towards businesses – with disbelief or dismissal of their own cost pressures – is less so.
The government has repeatedly acknowledged that households face cost-of-living pressures, not least with the goods and services tax (GST) having just been raised another percentage point on Jan 1.
In recent years, various assistance packages have been rolled out to mitigate these increases, with the potential of even more help to come in Budget 2024. The role of companies in protecting consumers from such pressures, however, is less clear-cut. After all, companies themselves are victims of rising costs.
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