This chart from The Economist says it all.
Also, we are running out of raw material for our food. Malaysia's export ban of fresh chicken to Singapore was quite worrisome a few months back (see below).
Well, fortunately, we didn't reach this stage. But chicken rice no longer cost $3 and I think we are on our way to find hawker chicken rice cost as much Chatterbox's chicken rice (when it first came out).