As we all know, inflation has grappled many countries around the world and economists warned us to not expect it to drop soon. If you are still confused by this term, inflation basically means the increase in prices or living costs in a country. So, when you heard about inflation, it means you need to pay more for a set of goods or services for a certain period of time – usually in a year.

Even though some news said that the inflation has eased recently, the central bank had stated that core inflation likely will stay elevated at about 5% until the end of 2022, continuing into the first half of 2023. According to Reuter, Singapore’s monetary policy had tightened last month for the fourth time this year, a strategy to control the inflation rate.