CNA – Singapore’s core inflation in June hit its highest level since November 2008, with stronger price increases across most categories such as services, food, retail, as well as electricity and gas.
Core inflation, which excludes accommodation and private transport costs, came in at 4.4 per cent year-on-year in June, up from 3.6 per cent in May, official data released yesterday showed.
The last time Singapore reported higher year-on-year growth was in November 2008, when core inflation was 5.5 per cent. The headline consumer price index, or overall inflation, rose to 6.7 per cent year-on-year in June, surpassing the 5.6 per cent reported in May.
Food inflation hit 5.4 per cent in June compared to 4.5 per cent in May as a result of larger increases in the prices of both food services and non-cooked food, said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) in a joint media release.
Inflation for retail and other goods also picked up, coming in at 3.1 per cent in June from 1.8 per cent in May, as the cost of medicines and health products rose, and the price of clothing and footwear recorded a steeper increase.
Electricity and gas prices edged up, with inflation at 20 per cent in June compared to 19.9 per cent in May as the average prices of electricity plans offered by Open Electricity Market (OEM) retailers rose at a faster pace, said MAS and MTI.
