The pressure of rising prices eased somewhat for all households after hitting a high in 2022, with low-income households seeing the smallest increase in inflation across the income groups.
If rents of owner-occupied accommodation are excluded, the consumer price index (CPI) for households in the lowest 20 per cent income group increased by 4 per cent in 2023, down from 5 per cent in 2022.
The middle income and top earners similarly recorded easing trends in 2023, noted the Department of Statistics on Jan 23.
For the middle 60 per cent income group, CPI excluding rents rose by 4.7 per cent in 2023, while the highest 20 per cent income group saw the measure climb by 5.2 per cent.
Households that own their homes do not incur rental expenses, so the CPI figure that excludes rents is more representative of average households than the figure that includes it.
Overall, some of the main contributors to inflation in 2023 were higher prices for food, transport, and housing and utilities.
Consumers continued to spend on necessities like food, housing and utilities and wants such as holidays, according to DBS Bank.
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