Economic Buzz: Singapore Consumer Price Inflation Rise 7.5% On Year In August

23 Sep 2022 , 01:42 PM

Singapores consumer price inflation accelerated at a faster-than-expected pace in August to reach its highest level in more than fourteen years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry revealed. Consumer prices climbed 7.5 percent year-on-year in August, following a 7.0 percent rise in July. Further, the latest inflation was the highest since June 2008, when prices had grown the same 7.5 percent. MAS core inflation rose to 5.1 percent in August from 4.8 percent in the previous month. The upward trend in inflation was largely driven by a 24.1 percent surge in private transport charges, due to a faster pace of increase in car prices. Food inflation accelerated to 6.4 percent from 6.1 percent, boosted by sharp increases in the prices of both food services and non-cooked food. Services inflation also rose to 3.8 percent from 3.5 percent, mainly because of a stronger pickup in holiday expenses. On a monthly basis, consumer prices moved up 0.9 percent in August and the core CPI increased 0.5 percent. MAS Core Inflation is projected to stay elevated over the next few months. For the full year, CPI-All Items inflation is expected to come in at 5.0-6.0 percent, while MAS Core Inflation is projected to average 3.0-4.0 percent.Powered by Commodity Insights