I am Sus Domestica

The headline of The Standard in today’s edition is as follow:

Where will prices rise next?

I quote the entire article:

First it was rice. Now eggs, cooking oil and other food items may be in line for further price hikes. Premier Wen Jiabao said yesterday Beijing will ensure adequate supplies of rice and agricultural products to Hong Kong and Macau but failed to cover the other products in his pledge.

Wen said China is the biggest rice producer in the world and is self- sufficient, with stockpiles amounting to 40 million to 50 million tonnes.

Hong Kong Food Council executive committee member Lee Kwong-lam said prices of basic items such as eggs and cooking oil have already soared 30 percent in the past three months.

Estate Restaurants Merchant Association president Chan Cheung-chor said the wholesale price of a catty of rice has risen from HK$4 to about HK$5.50. But prices for the different types of edible oil have doubled or even tripled.

The price for a catty of cooking oil rose from HK$3.80 to HK$9.30. Peanut oil cost only HK$8 a year ago. Now it costs HK$16, he said.

A ParknShop spokesman admitted the wholesale prices of rice and cooking oil have increased recently. Although rice was sold out at some outlets, the chain still has an abundant supply.

China Resources Enterprise executive director Kwong Man-him said its nearly 100 supermarkets and stores have adjusted rice prices.

The hikes worry lawmakers. But Secretary for Commerce and Economic Development Frederick Ma Si-hang said there is a sufficient supply of rice as importers are required by law to keep reserves adequate for 15 days.

Ma blamed the price surges on the weak Hong Kong dollar and poor harvests. Hong Kong imports 90 percent of its rice from Thailand. A Thai exporter also blames the price surges on stocking up by 10 major exporters who control 60 percent of total rice exports.

Chan expects rice wholesale prices to go up by at least another 10 percent, but says that translates to a few dollars more per person per month.

The Consumer Council urged the public not to panic as only some brands of rice were sold out and supermarket chains had promised action.

The inflation rate was 4.3 percent in January and rosed to 6.3 percent in February, the highest in 10.5 years. I reckon it has something to do with the bad snowstorm that hit Mainland China during the winter. With inflation seems to be increasing from time to time, the University was kind enough to increase my salary studentship beginning this year. In fact the Student Union has been fighting for this for quite some time already. As a result, my studentship is now HKD12,800 per month, an increase of HKD300.

Let’s take a look at how I spent the money (mandatory expenses):

Income
HKD 12800

Expenses (per month)
Food      HKD2,400
Rent      HKD2,500
Electricity      HKD20
Tuition      HKD3508

Savings (per month)
Income – Expenses = HKD4372

*** Note that to convert to RM just multiply with RM0.41 ***

Well the savings look absorbent but with inflation rising sooner or later my savings every month will be reduced. Moreover I’m not sure whether the University will increase the tuition fees in the near future. Besides that, my hostel will undergo renovation during the summer. Upon completion, some of my friends reckon there will be an increase in rent. Everything is so uncertain right now. Fortunately, the water bill is FOC. Another thing is the weather will get very warm during summer. That means I may need to use the aircond. Of course there will be other expenses like shopping, transportation to the city for shopping, food after shopping, etc etc etc

What am I going to do with my savings? hehehehe……… :p