Think $2 per litre of petrol is outrageous? Wait until you see these prices across the globe as the cost of living soars internationally
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It seems that we’re not alone in the daily struggle of living in an economy that’s going down the drain. If there’s a single common thing we share with everyone around the world, it has to be the financial pressure that we all feel amid the skyrocketing prices of petrol, electricity bills, groceries, rent, and well, everything else.
Singapore is currently battling a major rental crisis, the UK is suffering from record fuel prices, and Japan is bracing for energy bill hikes.
SQM Research, which analyses property trends, discovered that the average house rent in Australia's major cities has risen to 16.3 per cent or $657 a week in the past year.
But rent overseas nearly doubled, with prices climbing up to 30 per cent in Singapore.
Rent crisis all over the world leading to homelessness. Image Credit: ABC
One Singaporean resident divulged paying $2,538 a month to live in a 35 square metre 'pocket' apartment in the Tanjong Pagar district. He was left with no choice but to move out of the property after a few days as his landlord plans to increase the rent further and charge him an extra thousand dollars.
“The landlord was great during COVID and I don't blame them for making the most of increased demand, but it's just too high for me,” he explained.
Huttons Associate District Director Christopher Quek stated that demand was exceeding housing availability due to the influx of ex-pats migrating to Singapore since the country relaxed its COVID restrictions.
“It's primarily an under-supply problem. It will last at least until the end of this year, longer for bigger properties,” he said.
The situation got so out of hand that renters are agreeing to sign two-year leases for a property before they have even stepped foot in them.
Petrol prices have also increased significantly with unleaded and diesel costing more per litre overseas than in Australia.
According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, unleaded costing 237.9, and unleaded premium sold for 249.9.
However, petrol prices are considerably higher in Singapore with motorists paying over $3 per litre of unleaded and diesel.
And it’s even worse in the UK as their fuel rates soar at their fastest pace since 2005. A litre of unleaded petrol costs an average of $3.17, with the highest price sitting at $3.49. Last week, the cost of filling up a family car reached $174.74 for the first time.
Petrol prices in the UK. Image Credit: Auto Express
The staggering prices prompted the British competition watchdog to conduct an ‘urgent’ review of the fuel industry.
Business Secretary Kwasi Kwarteng brought the issue up to the Competition and Markets Authority, criticising the industry for failing to pass on fully the 5p fuel duty cut that was announced in March.
The watchdog was called to improve transparency over the petrol prices as well as improve competition in the retail fuel market.
Electricity rates also skyrocketed around the world as big power companies decided to hike the prices up.
Wholesale electricity prices have increased by 141 per cent in Australia, prompting one power company to urge their 70,000 customers to switch providers.
Financial comparison group Finder forecasted that electricity prices will soar up to 100 per cent from July 1, doubling the price.
Japan, on the other hand, is preparing for a massive increase after the four major power companies in the country announced that electricity rates will hike up in July.
Bills are likely to become 20 per cent more expensive in comparison to last year – making it the highest price in five years.
What are your thoughts on this story? Share them with us in the comments.
Learn more about Singapore’s rental crisis by watching the video below:
Video Credit: CNBC International TV
Singapore is currently battling a major rental crisis, the UK is suffering from record fuel prices, and Japan is bracing for energy bill hikes.
SQM Research, which analyses property trends, discovered that the average house rent in Australia's major cities has risen to 16.3 per cent or $657 a week in the past year.
But rent overseas nearly doubled, with prices climbing up to 30 per cent in Singapore.
Rent crisis all over the world leading to homelessness. Image Credit: ABC
One Singaporean resident divulged paying $2,538 a month to live in a 35 square metre 'pocket' apartment in the Tanjong Pagar district. He was left with no choice but to move out of the property after a few days as his landlord plans to increase the rent further and charge him an extra thousand dollars.
“The landlord was great during COVID and I don't blame them for making the most of increased demand, but it's just too high for me,” he explained.
Huttons Associate District Director Christopher Quek stated that demand was exceeding housing availability due to the influx of ex-pats migrating to Singapore since the country relaxed its COVID restrictions.
“It's primarily an under-supply problem. It will last at least until the end of this year, longer for bigger properties,” he said.
The situation got so out of hand that renters are agreeing to sign two-year leases for a property before they have even stepped foot in them.
Petrol prices have also increased significantly with unleaded and diesel costing more per litre overseas than in Australia.
According to the latest NRMA weekly fuel report, the highest NSW prices for E10 reached 224.9, unleaded costing 237.9, and unleaded premium sold for 249.9.
However, petrol prices are considerably higher in Singapore with motorists paying over $3 per litre of unleaded and diesel.
And it’s even worse in the UK as their fuel rates soar at their fastest pace since 2005. A litre of unleaded petrol costs an average of $3.17, with the highest price sitting at $3.49. Last week, the cost of filling up a family car reached $174.74 for the first time.
Petrol prices in the UK. Image Credit: Auto Express
The staggering prices prompted the British competition watchdog to conduct an ‘urgent’ review of the fuel industry.
Business Secretary Kwasi Kwarteng brought the issue up to the Competition and Markets Authority, criticising the industry for failing to pass on fully the 5p fuel duty cut that was announced in March.
The watchdog was called to improve transparency over the petrol prices as well as improve competition in the retail fuel market.
Electricity rates also skyrocketed around the world as big power companies decided to hike the prices up.
Wholesale electricity prices have increased by 141 per cent in Australia, prompting one power company to urge their 70,000 customers to switch providers.
Financial comparison group Finder forecasted that electricity prices will soar up to 100 per cent from July 1, doubling the price.
Japan, on the other hand, is preparing for a massive increase after the four major power companies in the country announced that electricity rates will hike up in July.
Bills are likely to become 20 per cent more expensive in comparison to last year – making it the highest price in five years.
What are your thoughts on this story? Share them with us in the comments.
Learn more about Singapore’s rental crisis by watching the video below:
Video Credit: CNBC International TV
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