The consumer price index (CPI) in Singapore rose faster than expected in February due to higher private transport costs.
The Singapore Bureau of Statistics announced today that the CPI index rose 4.3% year-on-year. This was the highest increase since February 2013, when the CPI rose 4.9%, while in January the CPI rose 4.0% year-on-year.
Total transportation costs rose 14.8% in February from a year earlier. The cost of private transportation rose by 17.2%, food prices by 2.3%, and the cost of housing and utilities by 4.1%.
The core consumer price index, which excludes private land transportation and housing costs, rose 2.2% year over year in February, following a 2.4% increase in January.
The Monetary Authority of Singapore (MAS) and Singapore’s Ministry of Trade and Industry (MTI) said global inflation is likely to remain high for some time. It is expected to slow in the second half of the year, although geopolitical risks and tight supply are pushing up crude oil prices.