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Singapore in Brief

Median Income Falls by 4.5 Percent as Cost of Living Rises

Real median incomes in Singapore fell by 4.5 percent in the first half of 2023.

This is compared to the same period in 2022.

The income figures are for Singaporeans and permanent residents working here.

The government has attributed the fall in median income to higher inflation and a weaker economic outlook.

It expects nominal wage growth for resident workers to slow further in 2024 as labour demand cools

Singapore’s core inflation rose to 5.5 per cent year-on-year in January, the highest since November 2008.

It now stands at 3 percent as of September.

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