Singapore’s Consumer Prices Rise at Fastest Pace in More Than 13 Years — Update & More Trending News – UP Jobs News

By Ronnie Harui

SINGAPORE–Singapore’s consumer prices rose at the fastest pace in more than 13 years in June as private transport and accommodation costs jumped and core inflation quickened.
The consumer price index rose 6.7% in June from a year earlier, the Department of Statistics said Monday. The reading was the highest since the 6.8% recorded in September 2008, and beat the median estimate for a 6.2% increase taken from a Wall Street Journal survey of seven economists.

Singapore’s CPI rose 5.6% in May.
The cost of transportation, which has an index weighting of 17.07%, climbed 18.8% in June from a year earlier. Food prices, which have a 21.10% weighting, rose 5.4%, while housing & utilities costs, which make up 24.84% of the index, increased 5.2%, the data showed.
Core CPI, which strips out private road transport and accommodation costs, rose 4.4% in June from a year earlier, compared with May’s 3.6% increase. The median estimate in the WSJ survey was for a 4.2% rise.
Globally, supply-chain frictions have eased slightly and some commodity price increases have leveled off, the Monetary Authority of Singapore and the Ministry of Trade and Industry said in a joint statement Monday. Global inflation is likely to stay elevated as key commodity markets continue to face supply constraints and labor markets in many major economies remain tight.
Also, the recovery in domestic demand in some regional economies as Covid-19 restrictions are eased could lift inflation, the MAS and the MTI said. As a result, upward pressures on Singapore’s import prices are expected to persist, they added.
On the domestic front, Singapore’s labor market remains tight and wage growth strong, the MAS and the MTI said. Amid firm consumer spending, businesses are likely to pass on increases in prices of fuel, utilities and other imported inputs, as well as labor costs, to consumer prices, they added.
Hence, inflationary pressures will likely remain elevated in the months ahead, the MAS and the MTI said. Singapore’s core inflation is projected to peak in the third quarter, before easing toward the end of the year, while car and accommodation cost increases are likely to stay firm for the rest of the year, they added.
For the whole of 2022, overall inflation is forecast at 5.0%-6.0%, while core inflation is projected to average 3.0%-4.0%, the MAS and the MTI said. However, there remain upside risks to inflation from fresh shocks to global commodity prices, as well as domestic wage pressures, they added.
Write to Ronnie Harui at [email protected]

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