Singapore core and overall inflation hold steady in Apri

More gradual rises in services, food prices offset higher inflation for electricity and gas

- Prisca Ang

Singapore's core inflation was unchanged in April as more gradual increases in services and food prices offset higher inflation for electricity and gas, and retail and other goods.

However, risks remain as global factors such as supply chain disruptions, adverse weather conditions and geopolitical tensions could drive up import costs.

Core inflation - which excludes accommodation and private transport costs to better represent the expenses of Singapore households - came in at 3.1 per cent year on year in April, unchanged from March, said the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) on May 23.

Overall inflation also stayed the same, at 2.7 per cent year on year. It had dropped to that figure in March, from 3.4 per cent in February, marking its lowest level since September 2021.

In April, an increase in private transport costs was offset by lower accommodation inflation, even as core inflation remained unchanged.

Month on month, overall inflation edged up by 0.1 per cent, while core inflation rose by 0.4 per cent.

Inflation for retail and other goods rose to 1.6 per cent year on year, up from 0.7 per cent in March, due to a hike in water prices, a steeper increase in the prices of personal items, and a smaller decline in the prices of clothing and footwear.

Private transport costs also increased in April as car prices fell at a slower rate, and petrol prices rose more steeply.