Singapore Inflation Steady At 5.4%

Singapore consumer price inflation remained stable in April and core inflation increased, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

Consumer prices increased 5.4 percent year-on-year in April, same as seen in March. Economists had expected the inflation rate to rise to 5.5 percent.

The latest increase was due to the rise in core inflation that was offset by a moderation in private transport costs.

MAS core inflation rose to 3.3 percent in April from 2.9 percent in the previous month. Economists had forecast a rise of 3.4 percent.

The acceleration was largely driven by higher inflation for food, retail and other goods, and electricity and gas.

On a monthly basis, consumer prices declined 0.1 percent in April and the core CPI rose 0.4 percent.

External inflationary pressures have increased amid a sharp rise in global commodity prices and ongoing supply chain frictions due to both the Russia-Ukraine conflict and the regional pandemic situation.

Core inflation is forecast to increase further in the months ahead before easing towards the end of the year as external inflationary pressures recede.

For 2022 as a whole, overall inflation is forecast to come within 4.5-5.5 percent, while MAS core inflation is projected to average 2.5-3.5 percent.

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