Singapore's core consumer prices in May surged at the fastest rate in more than 13 years, led by the rising costs of food, electricity and gas.

Core inflation - which excludes accommodation and private transport costs - jumped to 3.6 per cent in May on a year-on-year basis, up from 3.3 per cent in April.

In The Straits Times’ The Big Story, Assistant video editor Olivia Quay spoke with Lee Ju Ye, economist, Maybank Investment Banking Group on what this means for household budgets in the coming months, and whether Singapore is heading for a recession as prices continue to rise.