The CPI-All Items (or headline inflation) for general households in Singapore rose by 6.1% on a y-o-y basis in 2022, higher than the 2.3% increase reported in 2021. The increase was attributed to the higher costs of cars, food, accommodation, petrol, electricity, holiday expenses and other transport services across all three household income groups.
On the other hand, the largest negative contributor to the households’ respective CPI-All Items inflation rates was telecommunication services.
The second half of 2022 (2H2022) saw headline inflation for general households increasing by 7.0% on a y-o-y basis, faster than the 5.2% increase seen in the 1H2022. The main contributors to the higher increase were cars, food, accommodation, holiday expenses, electricity, petrol and point-to-point transport services.
In 2022, the highest 20% income group saw the largest increase in CPI compared to the lowest 20% and middle 60% income groups. The increase excludes owner-occupied accommodation (OOA) costs. The increase was mainly due to the higher costs of cars, petrol, holiday expenses and other transport services that had a larger impact on this group’s CPI as they accounted for a bigger share of the group’s expenditure basket.
In the 2H2022, the highest 20% income group also saw the largest increase in CPI among the three household income groups due to the same reasons except for other transport services.
