Singapore’s core inflation rises to 5.1% in August, inching towards 14-year high


SINGAPORE: Singapore’s core inflation rose further to 5.1 per cent in August, driven mainly by stronger increases in the prices of food and services, official data showed on Friday (Sep 23).

This is higher than the 4.8 per cent in July as the inflation figure heads towards a 14-year high.

The last time Singapore reported higher year-on-year core inflation growth was in November 2008, when it stood at 5.5 per cent.

Core inflation excludes accommodation and private transport costs.

The headline consumer price index, or overall inflation, rose to 7.5 per cent year-on-year in August, surpassing the 7 per cent reported in July.

“The rise in headline inflation largely reflected higher private transport inflation, in addition to the pickup in core inflation,” said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) in a joint media release.

OVERALL INFLATION INCREASES

Overall inflation increased in August mainly due to higher inflation for private transport, food and services.

Food inflation came in higher due to steeper increases in the prices of both food services and non-cooked food, hitting 6.4 per cent in August.

Accommodation inflation also picked up alongside a faster pace of increase in housing rents, hitting 4.7 per cent in August.

Services inflation rose to 3.8 per cent in August as the cost of holiday expenses saw a larger increase.

Private transport inflation rose to 24.1 per cent from 22.2 per cent in July due to a stronger pickup in car prices.

Prices of retail and other goods also registered a faster pace of increase, coming in at 2.9 per cent in August, as inflation for household durables and clothing and footwear edged up.

Meanwhile, inflation for electricity and gas dipped to 23.9 per cent in August, compared with 24 per cent in July, on the back of a smaller increase in gas prices.

For the full year, overall inflation is expected to come in at 5 per cent to 6 per cent, while MAS core inflation is projected to average at 3 per cent to 4 per cent.

“Fresh shocks to global commodity prices, as well as domestic wage pressures remain as upside risks to inflation,” said the authorities.



Source link

Disclaimer
Denial of responsibility! newzcentre.com is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected] . The content will be deleted within 24 hours.

Leave a Comment

Your email address will not be published.

Post Malone sustains injured ribs. Inside Out 2 to be released by Disney Marvel releases the  “Secret Invasion” trailer Marshall Thundering Herd vs. Notre Dame predictions from SportsLine’s model Bitcoin soars more than 10%