Made in Singapore’ inflation

Singaporeans Say

Inflation is once again rearing its ugly head. But this recent round could yet be the hardest one to tame. ROBIN CHAN examines why

THE inflation monster can be a tough one to slay. Fortunately for Singapore, government policies have worked to contain cost increases for much of the city state’s history.

Since 1980, there have been only four years in which prices rose by more than 4 per cent on average.

Three of these peaks – in 1980, 1981 and 2008 – were due largely to imported inflation as oil and food prices soared.

The fourth peak was last year, when inflation hit 5.2 per cent. This time though, experts are of the view that a large part of the problem is made right here in Singapore.

What they mean is that rents, and prices of homes, cars and labour are high and look set to stay that way…

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