After years of mostly stable prices, the scourge of inflation is now hitting Singapore, as recent news reports attest. It may not be fully reflected in the consumer price index, but companies are feeling it.

With energy costs soaring, some small and medium-sized enterprises are being hit by electricity bills three to five times what they paid last year. Rates for sea freight have doubled from a year ago. Taxi fares are headed up. So are prices of construction materials and several food items.