The Big Story: S’pore core inflation rises to 5.5% in January on CNY spending, GST hike

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Catch the latest news reports on The Big Story, The Straits Times’ weekday online news programme.

Consumer prices in Singapore rose at a faster pace in the first month of 2023, pushed up by Chinese New Year spending and the higher goods and services tax that had just kicked in.

Core inflation, which excludes the costs of private transport and accommodation and reflects the expenses of Singapore households more accurately, rose to 5.5 per cent year on year in January, the highest since November 2008.

RHB senior economist Barnabas Gan joins the show to explain how this will impact consumers here.

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