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Financial News: Singapore Inflation Highest Since September 2008

Singapore Inflation Highest Since September 2008

07/25/2022 - 03:17:00 (RTTNews)

(RTTNews) - Singapore consumer price inflation accelerated more-than-expected in June to reach its highest level in nearly fourteen years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

Consumer prices increased 6.7 percent year-on-year in June, following a 5.6 percent rise in May. Economists had expected inflation to rise to 6.2 percent. Moreover, this was the strongest inflation rate since September 2008, when prices had grown 6.8 percent.

The latest upward trend in inflation was mainly caused by increased costs for private transport, services, food and retail and other goods. Private transport inflation quickened from 18.5 percent in May to 21.9 percent in June, as car prices and petrol costs picked up more strongly.

Food prices were 5.4 percent higher in June compared to last year, and costs for clothing and footwear rose 5.5 percent. MAS core inflation rose to 4.4 percent in June from 3.6 percent in the previous month. That was above the 4.2 percent rise expected by economists. The acceleration was largely driven by higher inflation for services, food, retail and other goods, and electricity and gas. On a monthly basis, consumer prices rose 1.0 percent in June and the core CPI increased 0.7 percent.

According to the report, external inflationary pressures continued due to supply constraints in commodity markets and domestic demand in some regions improved due to the easing of covid-19 restrictions. Core inflation is forecast to increase to a peak in Q3 before easing towards the end of the year.

For 2022 as a whole, overall inflation is forecast to come within 5.0-6.0 percent, while MAS core inflation is projected to average 3.0-4.0 percent.

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