Saudi oil attack: Singapore could see higher inflation if spike in oil price persists, say analysts

According to DBS senior economist Irvin Seah, higher oil prices could bump up inflation in the Republic, with every 10 per cent increase in oil prices expected to add about 0.3 percentage points to headline Consumer Price Index inflation.
According to DBS senior economist Irvin Seah, higher oil prices could bump up inflation in the Republic, with every 10 per cent increase in oil prices expected to add about 0.3 percentage points to headline Consumer Price Index inflation.PHOTO: ST FILE

SINGAPORE - Asia's oil-reliant economies could take a hit if crude prices remain higher, with potential fallout for Singapore as well in the form of inflation, said analysts on Monday (Sept 16).

They were responding to the surge in oil prices after drone strikes on Saudi Arabian production facilities last weekend, which took out about 5 per cent of the global supply.

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