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Singaporeans see inflation pain persisting, DBS poll shows

A majority of Singaporeans in a survey expect inflation pressures to continue for the next 12 months, according to DBS Group.  (PHOTO: REUTERS/Caroline Chia)
Singaporeans see inflation pain persisting, DBS poll shows. (PHOTO: REUTERS/Caroline Chia)

By Xiao Zibang

(Bloomberg) — A majority of Singaporeans in a survey expect inflation pressures to continue for the next year and say they’re experiencing increases above the official inflation gauge, according to DBS Group Holdings Ltd.

More than half of respondents said that their expenses had increased by 10% or more, contrasting with the 5.8% increase seen in the official measure of consumer prices, minus accommodation. Eight out of 10 said they expect inflation to last for the next 12 months or longer, according to the poll of 201 respondents.

The results released Tuesday underscore the particular challenge for policymakers from public perception and expectations, as officials seek to rein in rising inflation and snuff out a potential wage-price spiral that can further worsen pressures. The government unveiled a S$1.5 billion package the same day to shield lower-income households from surging costs of living.

The survey was conducted the week of May 23, and has a margin error of around 6.9% at 95% confidence level, according to DBS. Other highlights of the results include:

  • Price jumps are most keenly felt in daily activities such as groceries, dining out and utilities

  • 64% of respondents said they will change their spending habits within six months or less

  • Consumers in Singapore tend to opt for cheaper goods in necessities spending, but will rather cut the frequency in discretionary consumption like travel and recreation

  • Supply chain snarls and the war in Ukraine were the top two reasons cited for rising prices

© 2022 Bloomberg L.P.