Even in Singapore and other countries with strong economies, affordability of goods and services is often a major concern. In some instances, the cost of living can become unbearable in booming cities. On the surface, the cost of living has not increased dramatically in Singapore. In fact, the core inflation rate in Singapore has averaged a reasonable 1.7% since 1990 and has been very stable except during years around the financial crisis.
That being said, there is more to this story than meets the eye. For example, some parts of life in Singapore have become increasingly expensive while others are still relatively affordable.
Inflation has been relatively low (1.7% annualised average) in Singapore over the past few decades. However, the cost of higher education has skyrocketed, with an overall increase of 32% in the past decade. Also, some food staples have increased dramatically.