Singapore sees record core inflation in April

As a result of higher energy and food costs, Singapore’s core inflation accelerated to 3.3 percent year-on-year in April from the 10-year high of 2.9 percent in March.

Illustrative image (Photo: The Star)

This is the highest since January 2012, when core inflation came in at 3.5 percent, according to a joint release of the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

Core inflation excludes accommodation and private transport costs, which tend to be significantly influenced by supply-side administrative policies and are volatile, they said.

The headline consumer price index, or overall inflation, stood at 5.4 percent year-on-year in April, the same as in March, as private transport inflation moderated.

MAS and MTI noted external inflationary pressures remain strong amid elevated global commodity prices, as well as ongoing supply chain frictions driven by both the Russia-Ukraine conflict and the regional pandemic situation.

In the near term, heightened geopolitical risks and tight supply conditions will keep crude oil prices elevated, they added./.

VNA