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While inflation may seem like a beast that you cannot run from, there are many ways we can be proactive in making the most of the current economic situation
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% year-on-year and 5.1% since the beginning of 2023. MAS core inflation, which excludes the costs of accommodation and private transport, has risen by a slightly more modest 3.0% year-on-year or 4.4% since the beginning of 2023.
This unsustainable rise in prices can signal that the economy is overheating which can greatly hurt households, especially if inflation starts to outpace any increase in wages. In this sense, inflation erodes people’s purchasing power, causing them to not be able to consume as many goods and services as they may need or want, affecting their desired standard of living.
. Making use of such products is extremely helpful when trying to counteract some of the price increases due to inflation.