Singapore’s core inflation rate rose by 5.1% in August, reaching its highest level in 14 years

The core inflation rate in Singapore rose by 5.1% in August. This was mainly due to rising food and service prices.

The figure was up from 4.8% in July when inflation hit a 14-year high. Last time Singapore reported a year-on-year increase in core inflation was in November 2008, when it hit 5.5%. Core inflation excluding housing and private transport costs came in at 5.1% in August.

The consumer price index, i.e. overall inflation, rose to 7.5% year-on-year in August. This is a higher figure than the 7% reported in July.

“Most of the rising headline inflation reflected higher private transport inflation. In addition to the recovery in core inflation,” the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said at a joint news conference.

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