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

Real income growth remains muted, but sky-high inflation may have peaked, experts say.

Median monthly household income from work rose 0.2 per cent in real terms, or after adjusting for inflation, in 2022. This is lower than the 1.5 per cent increase registered in 2021. After adjusting for inflation, households in the first nine deciles saw real income growth. Only the top decile saw a drop in real income.

Professor Lawrence Loh, director of the National University of Singapore Business School’s Centre for Governance and Sustainability, joins the programme to explain why cost of living remains a concern, especially for middle-income households. Prof Loh also shares his view on what income growth in Singapore could look like in the future.