AMERICAN Nobel laureate and economist Milton Friedman once said: "Inflation is taxation without legislation." If so, global economies faced one of the most trying periods of taxation over the past one year. Even today, 85 per cent of economies worldwide are still grappling with an inflationary environment, with domestic inflation rates stubbornly over 2 per cent.
The inflation rate is a year-on-year calculation of the weighted average of a basket of consumer goods most representative of households in an economy. With Singapore's June 2022 headline inflation rate at 6.7 per cent, it would mean that an item costing S$100 in June 2021 would be priced at S$106.70 just one year later. Households will...
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