SINGAPORE’S headline and core inflation rose more than expected in August, with both headline and core inflation exceeding economists’ expectations, data from the Department of Statistics showed on Monday (Sep 23).
August’s headline inflation was 2.2 per cent, down from 2.4 per cent in July, but a nudge higher than the median forecast of 2.1 per cent by private-sector economists polled by Bloomberg.
Core inflation, which excludes accommodation and private transport, was 2.7 per cent. This was higher than the 2.5 per cent in July, as well as economists’ median estimate of 2.6 per cent.
The higher inflation was due to an increase in services inflation, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said in a release on Monday.
On a month-on-month basis, the overall consumer price index (CPI) was up 0.7 per cent in August, while core CPI rose 0.3 per cent.
MAS expects headline inflation for the full year to be within a range of 2 to 3 per cent, while the core inflation forecast range is 2.5 to 3.5 per cent.
