The Average Annual Inflation Rate in Singapore (2022)

When planning for your finances, knowing the average inflation rate is important for multiple reasons.

Not only does it enable you to evaluate whether your investments are beating inflation, it also allows you to project the future cost of your retirement needs or your children’s tertiary education. 

How much has the general cost of living increased over the years? And what’s the average inflation rate in Singapore? 

Today, we’ll take a deeper look.

Read on! 

Key Findings

The below information is accurate as of 28 February 2022.

The yearly inflation rate in Singapore fluctuates over time.

cpi all items and mas core inflation rate singapore 2022

For 2021 as a whole, the CPI All-Items (or headline/overall) inflation was 2.3%, while the MAS Core Inflation was 0.9%.

On a year-on-year basis in January 2022, headline inflation was 4%, which is the same in December 2021. The core inflation was 2.4%, the highest it has ever been since July 2014.

Because of the recent higher-than-expected inflation data, MAS has revised its inflation forecast for 2022. It now expects headline inflation to be 2.5-3.5% and core inflation to be 2.0-3.0%.

Here are the average annual inflation rates in Singapore over the past years:

Average Headline Inflation Rate
(CPI All-Items)
Average Core Inflation Rate
(MAS Core Inflation)
Over the last 10 years
(2011 to 2021)
1.05%1.25%
Over the last 20 years
(2001 to 2021)
1.54%1.49%
Over the last 30 years
(1991 to 2021)
1.52%1.51%

Read on further for more details.

SIDE NOTE

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Here are 5 reasons why financial planning is so important.

What Is Inflation?

Inflation is the rise in the cost of goods and services over time. 

While inflation happens most of the time in Singapore, negative inflation, or deflation, can happen too when the general level of prices fall.

According to the Monetary Authority of Singapore (MAS), low and stable inflation is thought to be a core component for long-term sustainable economic growth. The MAS also states that extreme rates of inflation, whether too high or too low, are unfavourable for the economy. 

What Is the Consumer Price Index (CPI)?

A key indicator of inflation is the Consumer Price Index (CPI), which measures the change in prices over time of a fixed basket of goods and services typically consumed by resident households. 

The CPI data are compiled by the Singapore Department of Statistics.

There are 10 main categories that are tracked: 

  1. Food
  2. Transport
  3. Clothing & Footwear
  4. Communication 
  5. Housing & Utilities
  6. Recreation & Culture
  7. Household Durables & Services
  8. Education
  9. Healthcare
  10. Miscellaneous Goods & Services

These categories are further broken down into subcategories. 

This fixed basket that is used in the CPI tracks the prices of around 6,800 brands/varieties from 4,200 outlets. How are these prices collected? The data are obtained from various methods: 

  • Postal enquiries
  • Email enquiries
  • Electronic returns
  • Web scraping data from relevant websites
  • Administrative data
  • Field interviewers

And because all goods and services are not equally important, a CPI weightage is applied.

2 Ways to Measure Inflation in Singapore 

To measure the inflation of a specific area (e.g., cost of healthcare), you’d simply look at the CPI for that category. 

Then, we’re able to get the rate of inflation for different categories such as education or healthcare.  

However, in order to measure the “general” inflation, two main types of measures are used.

1) CPI All-Items (headline or overall inflation)

cpi all-items in singapore 2022

2) MAS Core Inflation (core inflation)

mas core inflation in singapore 2022

What’s the difference between headline inflation and core inflation?  

Basically, the CPI All-Items factors in all 10 categories, and the MAS Core Inflation is the CPI All-Items excluding the components of “Accommodation” and “Private Transport”, which belong to the main categories of “Housing & Utilities” and “Transport”, respectively. 

The reason why those two components are excluded from the MAS Core Inflation is because they go through short-term fluctuations and don’t form the everyday expenses of most households in Singapore. 

In short, while both the headline and core inflation measures can diverge (move away) in the short run, they tend to converge (move together) in the long run.

cpi all items and mas core inflation rate singapore 2022

We should always look at both measures as they tell different tales. 

For example, what can we infer if the headline inflation rises by 1% while the core inflation increases by 8%? 

If we look solely at the headline inflation, we may simply assume that the costs of goods and services aren’t rising that much. However, when we factor in the core inflation (which removes the influence of the bigger ticket items of accommodation and private transport), we can come to the conclusion that everyday expenses consumed by most households have increased significantly. 

How to Calculate the Inflation Rate?

The inflation rate is the percentage increase (or decrease) in the general level of prices over a specified time, usually expressed yearly and sometimes monthly. It can also be expressed over a longer period of time (e.g., over 10 years from 2010 to 2020).

Here’s the formula to calculate the yearly inflation rate: 

Inflation Rate = ((CPI of current year) – (CPI of previous year)) / (CPI of previous year) * 100

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What’s the Current Inflation Rate in Singapore? (2022)

As the CPI All-Items (headline/overall) and MAS Core Inflation (core) are commonly used, here are the historical inflation rates for both of them (from 1990 to 2021). 

The below information is accurate as of 28 February 2022.

CPI All-Items (headline/overall)

cpi all items inflation rate in singapore 2022
19901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021
CPI All-Items62.74364.90166.35767.87869.97871.18572.16773.62773.42873.44574.43575.1974.89675.26176.51876.87777.61779.25184.50485.00887.40891.99596.20598.47499.48398.96398.43699.00499.43810099.818102.119
Headline Inflation Rate (%)3.53.42.22.33.11.71.42.0-0.30.01.31.0-0.40.51.70.51.02.16.60.62.85.24.62.41.0-0.5-0.50.60.40.6-0.22.3

The headline inflation rate in 2021 was 2.3%. Over a period of 30 years from 1991 to 2021, the highest inflation in a year was 6.6% in 2008, while the lowest was -0.5% in 2015 and 2016. Since 2001 to 2021, the CPI All-Items has increased 35.8%.

Below, we look at headline inflation on a year-on-year basis (e.g., Dec 2021 vs Dec 2020).

2022 Jan2021 Dec2021 Nov2021 Oct2021 Sep2021 Aug2021 Jul2021 Jun2021 May2021 Apr2021 Mar2021 Feb2021 Jan2020 Dec2020 Nov2020 Oct2020 Sep2020 Aug2020 Jul2020 Jun2020 May2020 Apr2020 Mar2020 Feb2020 Jan2019 Dec2019 Nov2019 Oct2019 Sep2019 Aug2019 Jul2019 Jun2019 May2019 Apr2019 Mar2019 Feb2019 Jan2018 Dec2018 Nov2018 Oct2018 Sep2018 Aug2018 Jul2018 Jun2018 May2018 Apr2018 Mar2018 Feb2018 Jan2017 Dec2017 Nov2017 Oct2017 Sep2017 Aug2017 Jul2017 Jun2017 May2017 Apr2017 Mar2017 Feb2017 Jan2016 Dec2016 Nov2016 Oct2016 Sep2016 Aug2016 Jul2016 Jun2016 May2016 Apr2016 Mar2016 Feb2016 Jan2015 Dec2015 Nov2015 Oct2015 Sep2015 Aug2015 Jul2015 Jun2015 May2015 Apr2015 Mar2015 Feb2015 Jan2014 Dec2014 Nov2014 Oct2014 Sep2014 Aug2014 Jul2014 Jun2014 May2014 Apr2014 Mar2014 Feb2014 Jan2013 Dec2013 Nov2013 Oct2013 Sep2013 Aug2013 Jul2013 Jun2013 May2013 Apr2013 Mar2013 Feb2013 Jan2012 Dec2012 Nov2012 Oct2012 Sep2012 Aug2012 Jul2012 Jun2012 May2012 Apr2012 Mar2012 Feb2012 Jan2011 Dec2011 Nov2011 Oct2011 Sep2011 Aug2011 Jul2011 Jun2011 May2011 Apr2011 Mar2011 Feb2011 Jan2010 Dec2010 Nov2010 Oct2010 Sep2010 Aug2010 Jul2010 Jun2010 May2010 Apr2010 Mar2010 Feb2010 Jan2009 Dec2009 Nov2009 Oct2009 Sep2009 Aug2009 Jul2009 Jun2009 May2009 Apr2009 Mar2009 Feb2009 Jan2008 Dec2008 Nov2008 Oct2008 Sep2008 Aug2008 Jul2008 Jun2008 May2008 Apr2008 Mar2008 Feb2008 Jan2007 Dec2007 Nov2007 Oct2007 Sep2007 Aug2007 Jul2007 Jun2007 May2007 Apr2007 Mar2007 Feb2007 Jan2006 Dec2006 Nov2006 Oct2006 Sep2006 Aug2006 Jul2006 Jun2006 May2006 Apr2006 Mar2006 Feb2006 Jan2005 Dec2005 Nov2005 Oct2005 Sep2005 Aug2005 Jul2005 Jun2005 May2005 Apr2005 Mar2005 Feb2005 Jan2004 Dec2004 Nov2004 Oct2004 Sep2004 Aug2004 Jul2004 Jun2004 May2004 Apr2004 Mar2004 Feb2004 Jan2003 Dec2003 Nov2003 Oct2003 Sep2003 Aug2003 Jul2003 Jun2003 May2003 Apr2003 Mar2003 Feb2003 Jan2002 Dec2002 Nov2002 Oct2002 Sep2002 Aug2002 Jul2002 Jun2002 May2002 Apr2002 Mar2002 Feb2002 Jan2001 Dec
CPI All-Items104.472104.439103.959102.950102.657102.231101.672101.870101.883101.070101.239101.015100.440100.469100.10599.711100.13999.80799.17899.50099.48099.01299.933100.279100.204100.445100.25499.930100.147100.20999.587100.038100.32599.75399.97299.95399.38799.68699.61099.44799.75399.77899.35999.50599.44998.83399.29999.50199.03599.22599.32298.75099.03699.05698.72698.95699.09898.76299.06499.02399.02698.85498.69998.38398.66698.65798.17398.44997.72498.36598.41698.37598.47698.69398.68498.48798.91298.91198.81899.17199.27998.82999.44999.21199.11499.32899.44199.25599.55399.74299.21399.50899.67699.34299.74999.48499.50699.40499.72099.02098.86598.71897.92997.65697.45797.11298.57499.10798.12197.93697.22597.10097.29896.74496.14695.92495.91795.71895.20794.49194.74893.87793.84293.32292.94193.11592.44891.10391.31890.77490.45890.33990.40588.95488.81888.52588.12988.08187.67686.56787.40286.90186.11586.04885.68285.05085.56685.52185.00885.30785.00384.28384.65684.20684.75185.23685.50785.50186.24586.30485.36185.54485.21684.29684.45183.93382.63282.55882.00281.14781.71681.09579.96380.37479.95878.38478.53778.02577.43077.47976.90478.16177.93077.93077.62777.69477.65177.06977.55677.67377.25277.50977.35577.53477.50977.60477.28977.18076.81776.02076.72076.84376.37376.59776.03876.56976.76776.78876.81676.65976.75876.14776.74776.56476.05176.61375.74175.57875.44375.34075.39275.31275.22474.75774.98175.46075.30775.09775.23575.01975.02274.85574.87774.97075.02375.00075.04774.81474.73474.80474.58474.693
Headline Inflation Rate (%) [Year-on-Year]4.04.03.83.22.52.42.52.42.42.11.30.70.20.0-0.1-0.20.0-0.4-0.4-0.5-0.8-0.70.00.30.80.80.60.50.40.40.20.50.90.90.70.50.40.50.30.70.70.70.60.60.40.10.20.50.00.40.60.40.40.40.60.51.40.40.70.70.60.20.0-0.1-0.2-0.3-0.7-0.7-1.6-0.5-1.0-0.8-0.6-0.6-0.8-0.8-0.6-0.8-0.4-0.3-0.4-0.5-0.3-0.3-0.4-0.1-0.30.20.71.01.31.92.32.31.20.41.41.52.62.01.62.01.91.81.61.53.54.93.64.33.64.04.73.94.05.35.05.45.24.64.85.55.75.45.55.75.45.24.54.55.05.05.54.63.83.53.73.33.12.73.23.21.61.00.2-0.5-0.8-0.9-0.4-0.3-0.20.00.20.32.63.24.35.45.56.46.86.46.67.57.57.66.76.66.63.84.94.13.03.43.01.71.30.50.20.0-0.60.80.50.40.40.71.11.41.11.11.21.21.71.31.01.10.60.70.1-0.20.00.40.40.00.41.31.81.91.91.82.01.92.41.51.02.00.70.70.60.60.70.50.3-0.3-0.10.90.80.40.90.40.2-0.2-0.4-0.4-0.40.1-0.3-1.1-0.9-0.6-1.1-0.6

The headline inflation rate in Jan 2022 was 4.0%, which is the same as the previous period. This is the highest it has ever been since Feb 2013 (4.9%).

MAS Core Inflation (core)

mas core inflation rate in singapore 2022
19901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021
MAS Core Inflation62.09464.35965.39866.56268.24769.74470.99872.09272.37772.73773.81874.96574.92775.63277.13678.10579.44581.19585.80385.78387.08488.97191.23992.894.60895.07695.93497.32798.96710099.845100.769
Core Inflation Rate (%)2.33.61.61.82.52.21.81.50.40.51.51.6-0.10.92.01.31.72.25.70.01.52.22.51.71.90.50.91.51.71.0-0.20.9

The core inflation rate in 2021 was 0.9%. Over a period of 30 years from 1991 to 2021, the highest annual inflation was 5.7% in 2008, while the lowest was -0.2% in 2020. 

From 2001 to 2021, the MAS Core Inflation rose 34.4%. Hypothetically, this would also mean that over a period of 20 years, a $10 basket of regular day-to-day expenses in 2001 would cost $13.44 in 2021. 

Below, we look at the core inflation on a year-on-year basis.

2022 Jan2021 Dec2021 Nov2021 Oct2021 Sep2021 Aug2021 Jul2021 Jun2021 May2021 Apr2021 Mar2021 Feb2021 Jan2020 Dec2020 Nov2020 Oct2020 Sep2020 Aug2020 Jul2020 Jun2020 May2020 Apr2020 Mar2020 Feb2020 Jan2019 Dec2019 Nov2019 Oct2019 Sep2019 Aug2019 Jul2019 Jun2019 May2019 Apr2019 Mar2019 Feb2019 Jan2018 Dec2018 Nov2018 Oct2018 Sep2018 Aug2018 Jul2018 Jun2018 May2018 Apr2018 Mar2018 Feb2018 Jan2017 Dec2017 Nov2017 Oct2017 Sep2017 Aug2017 Jul2017 Jun2017 May2017 Apr2017 Mar2017 Feb2017 Jan2016 Dec2016 Nov2016 Oct2016 Sep2016 Aug2016 Jul2016 Jun2016 May2016 Apr2016 Mar2016 Feb2016 Jan2015 Dec2015 Nov2015 Oct2015 Sep2015 Aug2015 Jul2015 Jun2015 May2015 Apr2015 Mar2015 Feb2015 Jan2014 Dec2014 Nov2014 Oct2014 Sep2014 Aug2014 Jul2014 Jun2014 May2014 Apr2014 Mar2014 Feb2014 Jan2013 Dec2013 Nov2013 Oct2013 Sep2013 Aug2013 Jul2013 Jun2013 May2013 Apr2013 Mar2013 Feb2013 Jan2012 Dec2012 Nov2012 Oct2012 Sep2012 Aug2012 Jul2012 Jun2012 May2012 Apr2012 Mar2012 Feb2012 Jan2011 Dec2011 Nov2011 Oct2011 Sep2011 Aug2011 Jul2011 Jun2011 May2011 Apr2011 Mar2011 Feb2011 Jan2010 Dec2010 Nov2010 Oct2010 Sep2010 Aug2010 Jul2010 Jun2010 May2010 Apr2010 Mar2010 Feb2010 Jan2009 Dec2009 Nov2009 Oct2009 Sep2009 Aug2009 Jul2009 Jun2009 May2009 Apr2009 Mar2009 Feb2009 Jan2008 Dec2008 Nov2008 Oct2008 Sep2008 Aug2008 Jul2008 Jun2008 May2008 Apr2008 Mar2008 Feb2008 Jan2007 Dec2007 Nov2007 Oct2007 Sep2007 Aug2007 Jul2007 Jun2007 May2007 Apr2007 Mar2007 Feb2007 Jan2006 Dec2006 Nov2006 Oct2006 Sep2006 Aug2006 Jul2006 Jun2006 May2006 Apr2006 Mar2006 Feb2006 Jan2005 Dec2005 Nov2005 Oct2005 Sep2005 Aug2005 Jul2005 Jun2005 May2005 Apr2005 Mar2005 Feb2005 Jan2004 Dec2004 Nov2004 Oct2004 Sep2004 Aug2004 Jul2004 Jun2004 May2004 Apr2004 Mar2004 Feb2004 Jan2003 Dec2003 Nov2003 Oct2003 Sep2003 Aug2003 Jul2003 Jun2003 May2003 Apr2003 Mar2003 Feb2003 Jan2002 Dec2002 Nov2002 Oct2002 Sep2002 Aug2002 Jul2002 Jun2002 May2002 Apr2002 Mar2002 Feb2002 Jan2001 Dec
MAS Core Inflation102.516102.084101.516101.296101.012100.784100.542100.314100.508100.368100.357100.321100.12199.97799.87399.83999.81899.65499.50599.72099.70399.76699.865100.142100.276100.25399.952100.01399.93699.96199.88199.89999.879100.027100.030100.21099.96199.68299.38999.52799.34599.31299.31198.81298.62798.61398.35698.50798.11297.83797.74397.70597.55597.44497.47597.17197.17797.33296.88396.83696.76396.56196.31196.23996.14996.06195.96695.69495.66295.72795.73495.72695.36395.38495.12095.19995.28095.10495.03394.66394.69494.95095.20695.28394.99795.14194.95894.95194.72694.87394.67994.48994.60094.53994.22494.02094.08693.71593.63193.33093.07893.04692.62492.53592.52392.37292.32592.40792.00591.83591.67991.65391.51991.42191.19690.99091.02091.13190.80490.71090.90390.12289.90489.64689.37889.40989.05488.63088.63088.73688.21088.10187.82187.79987.81087.62987.49887.51587.17586.65786.77986.83486.64086.56586.09985.99285.93785.93385.49185.51085.45185.17185.30585.49586.33086.21186.56887.25087.17787.14486.25286.22685.90485.42585.37785.27684.72984.58284.28783.72482.60682.12381.66981.50081.30980.21080.20180.13180.22980.35180.28780.21780.01979.77879.47579.46879.34778.95679.06979.18079.21779.23079.38078.95078.88778.71978.28978.24277.99677.56977.75377.80477.79677.65677.59177.39877.47077.36777.38077.05477.11876.98777.12577.06376.97676.88276.80576.11175.95475.82975.87275.71975.60075.00175.31075.83375.47275.32175.55275.29275.21974.98375.00974.97375.03674.93874.93574.72074.66574.79874.55274.698
Core Inflation Rate (%) [Year-on-Year]2.42.11.61.51.21.11.00.60.80.60.50.2-0.2-0.3-0.1-0.2-0.1-0.3-0.4-0.2-0.2-0.3-0.2-0.10.30.60.60.50.60.70.61.11.31.41.71.71.91.91.71.91.81.91.91.71.51.31.51.71.41.31.51.51.51.41.61.51.61.71.21.21.51.21.31.10.91.01.01.11.00.80.60.50.40.30.20.30.60.20.40.20.10.41.01.31.01.51.41.71.82.02.22.12.22.32.11.72.32.02.11.81.71.81.61.71.71.41.71.91.21.92.02.22.42.32.42.72.72.72.93.03.52.62.42.32.12.22.22.32.12.21.81.82.02.12.22.02.32.32.01.71.71.60.40.4-0.5-1.4-1.4-1.4-0.9-0.8-0.5-0.3-0.10.31.91.92.74.25.56.15.65.85.76.56.56.45.65.35.04.43.22.92.82.62.51.61.41.21.31.41.11.61.41.31.51.61.71.81.71.81.82.02.32.01.81.71.21.51.10.80.81.01.11.01.01.72.02.02.01.82.02.62.41.62.02.11.71.11.01.11.21.00.80.10.51.51.10.71.30.80.60.20.1-0.1-0.10.20.0-0.8-0.5-0.2-0.80.1

The MAS core inflation rate in Jan 2022 was 2.4%. This is the highest it has ever been since Jul 2014 (2.2%).

Overall, if we were to combine both graphs of the CPI All-Items and the MAS Core Inflation together, here’s what it’ll look like: 

cpi all items and mas core inflation rate singapore 2022

Singapore’s Inflation Rate Forecast (2022)

According to MAS, in 2022, the CPI All-Items inflation was expected to be 1.5-2.5% and the MAS Core Inflation to be between 1-2%.

However, because of the recent higher-than-expected inflation data, MAS has revised its forecast. It now expects CPI All-Items inflation to be 2.5-3.5% and MAS Core Inflation to be 2.0-3.0% in 2022.

What Is the Average Annual Inflation Rate in Singapore?

In financial planning, one of the most common applications for an average annual inflation rate is the ability to project future costs.

It is essential to do so because you can’t just take your current level of expenses and expect it to be the same decades later; costs will rise. 

Using a constant average rate of inflation – though it may not be reflective of actual price increases – provides simplicity in planning since inflation rates fluctuate all the time.

In order to calculate the average, you can’t just take the sum of the annual inflation rates over a period and divide it by the number of years. 

Instead, this formula should be used: PV (1+r)^n = FV

Where

r = the compound average annual rate of inflation
n = the number of years
PV = the CPI for the 1st Year
FV = the CPI for the 2nd Year

(We can use a financial calculator for this.)

And here are the average annual inflation rates in Singapore: 

Average Headline Inflation Rate
(CPI All-Items)
Average Core Inflation Rate
(MAS Core Inflation)
Over the last 10 years
(2011 to 2021)
1.05%1.25%
Over the last 20 years
(2001 to 2021)
1.54%1.49%
Over the last 30 years
(1991 to 2021)
1.52%1.51%

Why Is Singapore’s Inflation Rate So Low? 

When you look at the average yearly inflation rates above, you may wonder why they are so low, because it often doesn’t feel like that in daily life. 

One reason for this could be our own unique experiences and perceptions. For example, when we only pay attention to certain items that we don’t purchase often and notice a “sudden” increase, we may think that prices are rising at a fast pace. 

Another reason for this “disconnect” is because of a limitation to the CPI’s data. 

In compiling the prices of different goods and services, a fixed basket has to be used since it’s almost impossible to track the price of every single item out there. As a result, actual household expenses may deviate from these data (i.e., not all households buy the same items).

Having said that, the data still provide meaningful insights.

How to Project Future Costs?

Taking a look at the average rates, we can see that they don’t exceed 2.00%. 

To project future costs, we should include a buffer in order to ensure that we still have enough in case things go sideways. For that, you could assume a rate of 3.00 or 4.00%. 

To calculate how much you need for retirement, you can simply take your expected expenses during retirement (in today’s value) and apply an inflation rate of, say, 3.00% over the number of years to your retirement age. Or, you can simply use a retirement planning calculator

The same concept applies to calculating your children’s education fund.

Apart from projecting future costs, you can also estimate the “real” rate of return on an investment by simply taking the expected rate from that investment and subtracting the inflation rate. 

In knowing the average inflation, you can also see how your cash is devaluing over time. To illustrate, if you leave $10,000 in the bank while earning 0.05% per year with an annual inflation of 3%, that “value” is worth only $5,494.28 after 20 years.

What Can You Do About the Rising Cost of Living and How to Beat Inflation?

A moderate amount of inflation is perfectly normal in a growing economy. 

Singapore has gone through good economic growth, and its standard of living (and the costs of it) have gone up since its independence. 

It’s very likely that inflation will continue for a long time, and along with it, effects such as the rising cost of living and cash in the bank losing value over time. 

So what can we do to prepare for this? 

Firstly, it’s vital to have the various types of insurance plans in place, so that your income and your wealth can remain protected.

Outside of having sufficient emergency funds and short-term financial goals and commitments, you should consider placing your excess cash into various alternatives that can provide potentially higher returns above the average annual inflation rate. 

If you’re planning for your retirement, consider some options to invest your money, depending on your risk appetite.

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Disclaimer: The statements or opinions expressed on this site are of my own. The information is meant purely for informational purposes and should not be relied upon as financial advice.
Abram Lim

With over 7 years of experience in the financial advisory industry, and previous stints in Citibank and UOB, Abram eagerly shares his knowledge by publishing research-backed articles. Learn more about Abram