Prices of everyday goods and services are creeping higher.
According to Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS), the MAS Core Inflation rose to 3.3% on a year-on-year (y-o-y) basis in April 2022 while the CPI-All Items inflation remained at 5.4% y-o-y in April, unchanged from March 2022. This is the highest year-on-year increase in core inflation in over a decade while CPI-All Items has remained at its peak for another month.
The reason for the difference is that MAS Core inflation excludes accommodation and private road transport. These are subsets of household & utilities and transport respectively. The main reason could be that accommodation may be skewed by large swings in condominiums and landed property prices, and private road transport could be affected by car prices, which are artificially inflated and not representative of an expense many Singaporeans have to pay for.
After a quarter of rising inflation, Singaporeans may be worried about how much and how fast prices are increasing. For the year as a whole, MTI and MAS forecast that the CPI-All Items inflation will be between 4.5 to 5.5%, while MAS Core Inflation will be 2.5 to 3.5%.
Read Also: What’s The Difference Between Headline Inflation and Core Inflation?
Here are the items that have gotten more expensive in April 2022.
Note: these figures are based on March 2022 CPI numbers with references to February 2022 (as the month-on-month change) and March 2021 (as the year-on-year change).
#1 Chicken (Increased by 8.0% To 9.2%)
After Malaysia’s announcement on chicken export curbs, it is to no one’s surprise that chicken is the top item that has increased the most in price.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Whole Chicken, Chilled (Per Kilogram) | $7.21 | $6.60 (9.2%) | $6.31 (14.3%) |
| Chicken Wing, Chilled (Per Kilogram) | $9.45 | $8.75 (8.0%) | $8.17 (15.7%) |
The prices for chilled chicken have risen almost 10% in a month and this is likely to continue when the export curbs on chicken from Malaysia kicks in on 1 June 2022.
However, the prices for frozen chicken are unlikely to be affected and consumers can consider it as a budget alternative.
Read Also: Chicken Prices To Increase: 4 Types Of Businesses Affected By The Export Curbs
#2 Eggs (Increased By 9.8%)
Similarly, eggs have also gone up in price. Already in the headlines in the past few months, eggs have continued their price increase despite various supermarkets stepping in to reduce their prices.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Hen Eggs (Per 10) | $3.14 | $2.86 (9.8%) | $2.42 (29.8%) |
#3 Cheese (Increased By 8.8%)
For those of us who love a cheese sandwich, both bread and cheese are more expensive in April.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Cheese (Per 12 Slices) | $6.20 | $5.70 (8.8%) | $5.86 (5.8%) |
| Ordinary White Bread (Per 400 Gram) | $1.88 | $1.80 (4.4%) | $1.74 (8.0%) |
Thankfully, other types of bread have maintained their prices so at least one component of our cheese sandwich would still remain the same.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Vitamin Enriched Bread (Per 400 Gram) | $1.76 | $1.76 (0%) | $1.74 (1.1%) |
| Wholemeal Bread (Per 400 Gram) | $2.09 | $2.15 (-2.8%) | $2.07 (1.0%) |
#4 Fish (Increased By 8.8% For Salmon)
A popular fish choice, Salmon has become more expensive. For a cheaper alternative, consider Batang which has become slightly cheaper.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Salmon (Per Kilogram) | $35.29 | $33.08 (6.7%) | $29.71 (18.8%) |
| Spanish Mackerel (Batang) (Per Kilogram) | $12.96 | $13.58 (-4.6%) | $13.22 (-2.0%) |
#5 Oranges (Increased by 7.8%)
Orange juice lovers may have to rethink their favourite juice choice as the price of oranges has increased 7.8%, the most of fruits listed. It has also shown the highest price increases on a year-on-year and monthly basis.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Orange (Each) | $0.69 | $0.64 (7.8%) | $0.59 (16.9%) |
#7 Cooking Oil (Increased By 6.0%)
A common lament of hawkers nowadays is the cost of cooking oil. This is also reflected for consumers as cooking oil has risen 6% in price. Compared to a year ago, it has also increased almost a quarter in price.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Cooking Oil (Per 2 Kilogram) | $7.25 | $6.84 (6.0%) | $5.98 (21.2%) |
#7 Duck (Increased By 5.2%)
While not as popular as chicken and not affected by the export curbs, duck has also seen an increase in price, and this may continue as consumers seek out duck as an alternative to chicken.
| Price | April 2022 | March 2022 (month-on-month change) | April 2021 (year-on-year change) |
| Duck, Chilled (Per Kilogram) | $7.75 | $7.37 (5.2%) | $7.09 (9.3%) |
Petrol and Diesel Has Slowed Their Price Increases
After a rapid ascent in prices, pushing up the CPI-All Items inflation, petrol and diesel have finally slowed their increase in April (ranging from 0% to 2.4% increase). This has also allowed the CPI-All Items inflation to remain at 5.4%, despite the increase in MAS Core Inflation. The increase in other items was offset by a moderation in petrol and diesel prices.
Read Also: Coping With Inflation In Singapore: What Can MAS Do (And At What Cost)?
The post [Inflation Watch] Singapore’s Core Inflation Rises To 3.3%: 7 Items That Got More Expensive In April 2022 appeared first on DollarsAndSense.sg.
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