Singapore’s January Annual Inflation Increases, Exceeds Expectations
Singapore’s annual inflation in January recorded highest growth since March 1982 and exceeded economists’ expectations, official data showed Monday.
The Department of Statistics announced that annual inflation stood at 6.6% in January, up from 4.4% in December. Annual inflation far exceeded the 5.6% expected by economists.
Among the various factors affecting the increase in consumer prices, housing costs jumped 11.1% year-on-year in January, while transportation and communication charges were up 6.9%. Food prices, on the other hand, grew 5.8% in January.
Based on the report of the statistical department, consumer prices rose 1.3% month-on-month in January, while on a seasonally adjusted basis, the monthly increase in the CPI was 1.5%.
On a monthly basis, food prices had a 1.1% increase, which was largely due to greater demand for food items, especially pork, ahead of the Lunar New Year period in early February.
Housing costs marked a 4.1% increase over the month in January. Education and stationery costs grew 2.5%.
The 3-month moving average inflation rose 0.8% month-on-month in January, the report added.