Unwrapped: Impact of Ukraine war will add to cost of living pressures in Singapore

  • With vaccination efforts moving in tandem with plans to proceed into an endemic phase of Covid-19 in Singapore, eyes have turned to the next stage of economic recovery as lockdown measures ease everywhere.
  • But the Russian-Ukraine crisis has clouded Singapore’s economic outlook, with escalating energy costs set to increase in prices of other products even further.
  • Through our weekly series Unwrapped this week, TheHomeGround Asia takes a closer look at why the rising inflation and how the Government can help Singaporeans tide over this period.

In our weekly series Unwrapped, TheHomeGround Asia takes a closer look at major stories and happenings that impact Singaporeans.

From groceries to computers, from cars to clothing, Singaporeans are already paying more for everyday expenses because of rising inflation  the result of base effects, supply bottlenecks, and demand shifts during the Covid-19 epidemic.

With vaccination efforts moving in tandem with plans to proceed into an endemic phase of Covid-19, eyes have turned to the next stage of economic recovery as lockdown measures ease everywhere.

But the Russian-Ukraine crisis has thrown a spanner in the works, clouding Singapore’s economic outlook, with escalating energy costs set to fuel a knock-on increase in prices of other products. While the actual impact on Singapore’s gross domestic product (GDP) growth and inflation is difficult to estimate given the uncertainties, it is clear that inflationary pressures have hit consumers, especially through an increase in the prices of oil-related items.

RELATED: Unwrapped: GST Tax, its rationale and can Singapore take better care of its citizens

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