Singapore Inflation Rate Up to 2% in October


In October of 2013, Singapore's annual inflation rate edged up to 2 percent, from 1.6 percent in September, mainly due to higher private road transport cost. On a monthly basis, prices increased 0.2 percent, up from 0.1 percent recorded in the previous month.

Private road transport cost rose by 2.7 percent after declining by 2.0 percent in the previous month, as a result of the pickup in COE premiums. 

Food inflation was 2.5 percent in October compared to 2.4 percent a month ago, reflecting slightly steeper price increases for both non-cooked food and prepared meals. 

Prices of oil-related items fell by 0.9 percent, compared to the 2.1 percent decline in the preceding month, due to a smaller reduction in electricity tariffs. 

Services inflation eased to 2.5 percent from 2.7 percent in September, led by slower increases in the costs of recreation and entertainment and holiday travel. 

The rise in accommodation cost moderated to 1.9 percent from 3.9 percent in the previous month, reflecting the disbursement of Service & Conservancy Charges rebates for HDB households in October. The rebates led to a fall in the cost of minor repairs and maintenance which partially offset the increase in imputed rentals on owner-occupied accommodation. 

MAS Core Inflation, which excludes the costs of accommodation and private road transport, rose to 1.8 percent from 1.7 percent a month ago due to stronger contributions from food and oil-related items.

Singapore Inflation Rate Up to 2% in October


Ministry of Trade and Industry | Joana Taborda | joana.taborda@tradingeconomics.com
11/25/2013 9:36:11 AM