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