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By Ronnie Harui
SINGAPORE–Singapore’s consumer-price inflation accelerated in September as a pick-up in private transport costs more than offset a slowdown in core and accommodation inflation.
The consumer-price index rose 4.1% in September from a year earlier, the Department of Statistics said Monday. That compared with the 4.0% rise recorded in August and was slightly below the median estimate for a 4.2% increase in a Wall Street Journal survey of five economists.
Transportation costs, which have an index weighting of 17.07%, rose 6.3% on the year in September, accelerating from August’s 4.8% rise. Housing and utilities costs, which make up 24.84% of the index, increased 3.7% on year in September, decelerating from a 3.8% rise the previous month. Food prices, which have a 21.10% weighting, rose 4.3%, slowing from 4.8%.
Core CPI, which strips out private road transport and accommodation costs, rose 3.0% in September from a year earlier, the data showed. That compared with the 3.4% increase in August and was below the median estimate for a 3.1% increase in the WSJ survey.
For 2023, headline inflation is expected to average around 5% and core inflation about 4%, the Monetary Authority of Singapore and the Ministry of Trade and Industry said in a joint statement. For 2024, headline and core inflation are forecast to average 3.0%-4.0% and 2.5%-3.5%, respectively, they added.
Write to Ronnie Harui at [email protected]
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