Homing in on what matters most to S’poreans

Dear Mr Mah,

I refer to the 4 Mar 2011 Straits Times report “Homing in on what matters most to S’poreans”.

You reportedly joked about us being hit by doubt-digit inflation. According to the HDB resale price index:

Year Quarter Index Year to year increase
2010 IV 172 14.1%
2009 IV 150.8 8.2%
2008 IV 139.4 14.5%
2007 IV 121.7 17.5%
2006 IV 103.6

We did experience double-digit housing price inflation for three of the last four years. Even during the depths of the Global Financial Crisis in 2009, housing price grew by a significant 8.2%.

A market based system doesn’t absolve the government of the responsibility of keeping housing price inflation low.

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