Singapore's 2008 inflation rate highest in 28 years
Tuesday, 24 March 2009
SINGAPORE, March 23 (AFP): Singapore's inflation rate climbed to its highest level in 28 years in 2008, with the poor being the hardest hit, the statistics department said today.
The 6.5 percent rise in the consumer price index last year was more than triple the 2.1 percent increase in 2007, it said in a report.
It was the highest since inflation hit 8.2 percent in 1981, according to data from the statistics department's website.
Singapore's lowest 20-percent income group experienced a higher inflation rate of 7.4 percent last year compared with higher wage earners because of dearer food, housing and electricity costs, the department said.
Economists said inflation is likely to ease this year as Singapore faces what could be its worst recession since independence because of the global economic downturn.
The 6.5 percent rise in the consumer price index last year was more than triple the 2.1 percent increase in 2007, it said in a report.
It was the highest since inflation hit 8.2 percent in 1981, according to data from the statistics department's website.
Singapore's lowest 20-percent income group experienced a higher inflation rate of 7.4 percent last year compared with higher wage earners because of dearer food, housing and electricity costs, the department said.
Economists said inflation is likely to ease this year as Singapore faces what could be its worst recession since independence because of the global economic downturn.