Gone up from $1.35 to $1.70

This was S$1.35 before I left for Dubai. Seven months later it has gone up to S$1.70, meanwhile I just saw a one-for-one deal at Friends@Jelita just earlier this evening. Chicken rice at Ghim Moh hawker centre is still starting at $2.50 per plate. Prices at high end outlets are falling while the lower end in some ways is trying to reach for the sky but of course like chickens they can take off only briefly or there will be social instability.

Unlike in the past, this is one recession where the rich get hit big time. We can expect this one to be long and recovery to be slow.