Thursday, October 23, 2008

Inflation is up 6.7%

These are the Singapore inflation rates for 2008:
January: 6.6%
February: 6.5%
March: 6.7%
April: 7.5%
May: 7.5%
June: 7.5%
July: 6.5%
August: 6.4%
September: 6.7%

Food and Housing is leading the charge, rising by 8.2% and 14.6% respectively year on year. I'm surprised though that food costs for September did not go much lower compared to August. October might see another spike in Housing costs due to the 21% increase in electricity bills. This should be slightly offset by the lower petrol prices.

Judging from the current trend, inflation for this year will be very close to 7%. Estimation would put the rate at around 6.8%. I've never seen such a high Singapore inflation rate before. Then again, I'm not that old.

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