Singapore’s June CPI rose by 5.3%

This article was last updated on April 16, 2022

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The Department of Statistics said on Monday, in June, the Consumer Price Index (CPI) of Singapore rose by 5.3 percent recovering from the inflation rate of 5.0 percent of the previous month. The higher increase was mainly because of the higher accommodation cost.

Last month’s housing costs increased by 9.7 percent per annum, up from the previous month’s inflation of 8.2 percent. The Monetary Authority of Singapore (MAS) said in a joint press release with the Ministry of Trade and Industry that its sub-index named accommodation cost inflation also saw an increase of 10.8 percent from 9.0 percent in May.

However, the transport costs rose to 8.7 percent per annum, easing from last month’s 9.2 percent. The he MAS said “Car prices rose strongly from a year ago. However, with petrol pump prices falling by 0.8 percent, private road transport cost increased at a slower pace of 9.7 percent y-o-y in June from 10.3 percent in May.” Food prices also increased by 2.3 percent, moderating from 2.5 percent expansion in May, whereas the prices of clothing and footwear increased by 1.2 percent.

The MAS measured the Core Inflation that remained 2.7 percent in June for the third consecutive month. It said, “As the lower contribution from prices of food, services and oil-related items was offset by stronger y-o-y increases in prices of retail products such as clothing and footwear.” The headline inflation was still likely to be lower on average in the second half compared to the first half, but would remain above its historical average, the MAS said.