As we navigate our way through a high-inflation climate, we look at the current inflation rate, how inflation is measured, and how we can protect ourselves from the effects of inflation. As we can see from the data above, inflation levels remain high in Singapore throughout 2023.
As we navigate our way through a high-inflation climate, we look at the current inflation rate, how inflation is measured, and how we can protect ourselves from the effects of inflation.As we can see from the data above, inflation levels remain high in Singapore throughout 2023. Headline inflation, which measures the total inflation rate in an economy, has increased by 4.1 per cent year-on-year and 5.1 per cent since the beginning of 2023.
A variety of survey methodologies are used in measuring the CPI, such as taking price samples of different goods and weighting said goods based on how much of it the average individual consumes. A steady level of two per cent inflation signals a healthy economy. Inflation starts to become worrisome when it reaches levels higher than this target range, much like the four-five per cent inflation levels we have been experiencing in Singapore as of late.
We mainly see the effects of inflation in two ways. Firstly, goods will become more expensive and the cost of living will increase. We have already begun to feel this in Singapore with the price of everything from our daily hawker centre meals to public transport fares increasing in the past few months.
One great example of such a credit card is the Citibank Cashback credit card. It gives you six per cent cashback on your spending at restaurants and cafes worldwide, eight per cent cashback on groceries and supermarket spending worldwide and 20.88 per cent cashback at Esso and Shell petrol stations. Making use of a good, low-hurdle, high-interest savings account like the UOB One savings account is a great first step at safeguarding your money from the effects of inflation.
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