SINGAPORE – Singapore’s core inflation rose to its highest in nearly three years in October on the back of rising services and food prices, and a smaller decline in the cost of retail and other goods.
Core inflation, which excludes accommodation and private road transport costs, climbed to 1.5 per cent last month on a year-on-year basis, from 1.2 per cent in August.
It was at its highest since March 2019, when it hit 1.7 per cent.
Overall inflation increased to 3.2 per cent in October, up from 2.5 per cent the month before. It was at its highest since March 2013 and beat economists’ forecast of 2.8 per cent.
The uptick reflected stronger private transport and accommodation inflation, in addition to the higher core inflation, said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) on Tuesday (Nov 23).
Core inflation, which better captures the underlying trend in consumer prices, is the measure that MAS monitors most closely in its review of Singapore’s monetary policy.Internet Explorer Channel Network