Financial authorities in Singapore revealed on Tuesday that core inflation rose to 1.5% on a year-on-year (y-o-y) basis in October, from 1.2% in September.
The Monetary Authority of Singapore (MAS) said the increase – the fastest price rise in three years – was due to higher services costs, for electricity and gas, plus food inflation.
The MAS said headline inflation, on items on its Consumer Price Index (CPI-All), picked up to 3.2% y-o-y in October, from 2.5% in September.
“The uptick reflected stronger private transport and accommodation inflation, in addition to higher core inflation.”
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.
• Jim Pollard
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