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SINGAPORE: Singapore's Consumer Price Index (CPI) for general households climbed 6.5 per cent in 2008 - its highest level in 28 years, with the poor being the hardest hit.
The jump in inflation was mainly due to higher costs of food, accommodation, electricity tariffs, petrol, holiday travel and taxi fares. It was the highest since inflation hit 8.2 per cent in 1981, according to data released on Monday by Singapore's statistics department.
The lowest income households were the hardest hit, seeing a 7.4 per cent inflation rate. Others were not spared either, with the middle 60 per cent households facing a 6.4 per cent increase in prices and the top 20 per cent households going through a 6.1 per cent rise.
Data showed that the CPI rose faster for the lowest 20 per cent because more expensive food, accommodation and electricity tariffs were weighted relatively higher in the index for this group.
During the second half of last year, the inflation rate for general households was 6.0 per cent, compared to the same period the year before.
Overall, the inflation rate of 6.5 per cent for the entire year was sharply higher than the 2.1 per cent in 2007.
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.
- CNA/yb
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