The latest data on inflation released on Wednesday confirms what many economists have long anticipated – that Singapore’s inflation will remain stubbornly high at least through 2023, despite signs of moderation in global price pressures.
One of the most telling statistics relates to price trends in Singapore in 2022 as a whole. All-items inflation was 6.1 per cent, compared with 2.3 per cent in 2021, while core inflation (which excludes accommodation and private transport) rose by 4.1 per cent, compared with 0.9 per cent. These are big increases and they are not likely to significantly reverse any time soon.
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