Wed, 10 Aug 2022

SINGAPORE, May 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Monday that the MAS core inflation on a year-on-year basis rose to 3.3 percent in April from 2.9 percent in the previous month.

Meanwhile, the CPI-All Items inflation remained unchanged at 5.4 percent year on year in April.

Singapore's MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.

According to MTI and MAS, the increase in core inflation this April was driven by faster increases in food prices, retail and other goods prices as well as electricity and gas prices. The CPI-All Items inflation was unchanged because the pickup in core inflation was offset by a moderation in private transport inflation.

The food inflation came in higher at 4.1 percent in April as the prices of both non-cooked food and food services rose at a faster pace. Meanwhile, the retail and other goods inflation picked up to 1.6 percent, mainly due to an increase in the prices of clothing and footwear. The electricity and gas prices rose more steeply by 19.7 percent in April on account of larger increases in regulated electricity and gas tariffs. The private transport inflation fell to 18.3 percent in the month on the back of a smaller hike in car prices.

The two authorities reiterated that for the year 2022 as a whole, the CPI-All Items inflation is forecast to come in between 4.5 percent and 5.5 percent, while MAS core inflation is projected to average 2.5-3.5 percent.

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