Inflation in Singapore hits households hard

Higher prices: People use DBS automated teller machines in Singapore. The bank’s analysis of the impact and implications of soaring price growth in the city-state is being felt big-time by households. — Reuters

SINGAPORE: The global inflation wave that has crashed onto Singapore’s shores is hitting households harder as they pile up more expenses while incomes aren’t keeping up.

That’s the conclusion of DBS Bank analysts, who dissected data from 1.2 million retail customers, anonymous and aggregated, to understand the impact and implications of soaring price growth in the city-state.