What is inflation and why are prices rising?

Inflation in Singapore climbed to new highs in December, prompting the Government to review its inflation forecasts for 2022. PHOTO: ST FILE
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Inflation is once again on the rise around the world and Singapore has not been spared. The Straits Times answers three big questions about the forces driving up prices.

Baking a cake or making a cup of tea has become more expensive over the years if you use fresh milk.

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