The latest Singapore Inflation Forecast Index report released by DBS Group and SMU's Sim Kee Boon Institute for Financial Economics shows that if accommodation and private transportation are not included, local residents' forecasts for the core inflation rate in the next year in September this year also increased from 4.8% in June to 4.6%. SMU Assistant Professor of Finance Aurobindo Ghosh, who leads the survey, shared that Singapore’s supply chain has little connection with areas of military conflict, but if a war breaks out, including the ongoing Russia-Ukraine war, it will increase the uncertainty of the economic outlook. This may cause concerns among consumers and affect their expectations for prices and economic growth. He concluded that if local oil prices rise during and after military conflicts, it may have a short-term impact on prices and consumer sentiment.