25 Jul '11, 9pm

Inflation hits top earners most? Errr right. Should it be middle-class and poor? The rich can afford it.

SINGAPORE - Singapore's inflation rate last month - driven by higher housing, transport and food costs - hit 5.2 per cent compared to a year ago - the highest level in five months since it peaked at 5.5 per cent in January. However, data released yesterday showed that the pinch of higher prices was not felt uniformly across all income groups. According to figures released by the Department of Statistics (DOS), in the first six months of the year, the consumer price index (CPI) for general households rose 5.0 per cent from last year. However, the top 20 per cent of earners in Singapore felt the higher prices more acutely, facing an inflation rate of 5.6 per cent. This was due to significant price increases for cars and petrol, which have relatively larger weights for this group. In contrast, those among the lowest 20 per cent of income earners grappled with an inflation rat...

Full article: http://www.todayonline.com/Singapore/EDC110726-0000080/In...

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