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.