Singapore consumer prices climbed to new highs last month, prompting the Government to review its inflation forecasts for this year.
Prices are expected to rise this year as the ongoing economic recovery increases consumer demand. At the same time, economists expect Singapore to tighten its economic policy, resulting in a stronger Singapore dollar.
Last month, core inflation, which strips out accommodation and private transport costs, jumped to 2.1 per cent on a year-on-year basis – the highest since July 2014. The increase was driven by a steep rise in air travel costs.
Headline or overall inflation rose to 4 per cent, up from 3.8 per cent in November and the most since February 2013.
The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said the consumer price index (CPI) data “saw an upside surprise in airfares”.
This story is from the January 25, 2022 edition of The Straits Times.
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This story is from the January 25, 2022 edition of The Straits Times.
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