S'pore core inflation up 5.1% for Aug. 2022
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Loading... - Aisha Hamid
- 26 Sep 2022
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Singapore's core inflation rose to 5.1 per cent in August 2022, on a year-on-year basis, up from 4.8 per cent in July, according to a joint press release by the Monetary Authority of Singapore and the Ministry of Trade and Industry (MTI).
This marks the third straight month in which it exceeded the 4 per cent rate last breached during the global financial crisis.
The pickup in core inflation was mainly driven by larger increases in the prices of services and food.
In addition, the core inflation rate for August is also close to a 14-year high, CNA reported.
The last time Singapore reported a greater core inflation rate was in November 2008, with an increase of 5.5 per cent.
Core inflation excludes private transport and accommodation costs.
Headline inflation is at 7.5 per cent
Meanwhile, headline inflation for August, on a year-on-year basis, rose to 7.5 per cent, up from 7 per cent in July.
MTI and MAS highlighted that the rise in headline inflation largely reflected higher private transport inflation, in addition to the pickup in core inflation.
Both entities also maintained their full-year forecast ranges of 3 to 4 per cent for core inflation and 5 to 6 per cent for headline inflation. Read More…
