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Singapore Inflation At Its Highest In Three Years

The Monetary Authority of Singapore said the increase – the fastest since 2018 – was due to higher services costs for electricity and gas, plus food inflation


Singapore
Supply chain disruptions and rising fuel costs are driving Singapore's inflation to its highest level in years. Photo: Reuters

 

Singapore’s core inflation rose to 1.5% in October from a year earlier, the fastest pace in almost three years, while overall prices accelerated to 3.2%, more than an eight-year high.

The Monetary Authority of Singapore (MAS) said the increase in core inflation was due to higher services costs for electricity, gas and food. It had risen 1.2% in September.

The MAS said headline inflation surged to 3.2% in October from a year earlier, compared with 2.5% in September.

“The uptick reflected stronger private transport and accommodation inflation, in addition to higher core inflation,” it said.

Car prices rose strongly, it said, while there was also a larger increase in housing rents, plus higher costs for tuition, airfares and holiday expenses.

But the cost of retail and other goods fell slightly, due to a smaller fall in the price of clothing, footwear and telecom equipment.

Core inflation excludes rents and private road transport costs and is deemed a better gauge of consumer price pressures.

 

• Jim Pollard

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Jim Pollard

Jim Pollard is an Australian journalist based in Thailand since 1999. He worked for News Ltd papers in Sydney, Perth, London and Melbourne before travelling through SE Asia in the late 90s. He was a senior editor at The Nation for 17+ years and has a family in Bangkok.

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