Higher prices for food, hospital and outpatient services and bus and train fares drove up costs for the bottom 20 per cent of households in 2024.
cards interface. Give it a try.SINGAPORE: Singapore's overall inflation eased to 2.4 per cent last year, but the lowest-income households faced the highest jump of 2.7 per cent, driven by rising costs.
The main contributors to inflation in 2024 were the higher prices of accommodation, food, hospital and outpatient services, holiday expenses and bus and train fares. Prices for other transport services - which include air fares and moving services - dropped, SingStat said. The lowest 20 per cent household income group saw all-items inflation go up by 2.7 per cent, while the middle 60 per cent and highest 20 per cent income groups experienced an increase of 2.5 per cent and 2.1 per cent respectively.
Meanwhile, the highest 20 per cent income group spent a bigger share of their expenditure on cars, which meant that lower vehicle prices had a larger dampening impact on the inflation they faced.
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