Singapore’s consumer price inflation accelerated as expected in June, data from the Ministry of Trade and Industry and Monetary Authority of Singapore showed Monday.
Consumer prices climbed 0.6 percent year-over-year in June, faster than the 0.4 percent increase in May. That was in line with economists’ forecast.
The acceleration in inflation was mainly driven by higher prices of food and services items.
Food inflation rose to 1.5 percent in June from 1.3 percent in May and services inflation edged up to 1.7 percent from 1.6 percent.
Private road transport inflation rose to 0.4 percent in June from 0.1 percent in May, while the cost of accommodation fell by 3.0 percent.
MAS Core Inflation, which excludes the costs of accommodation and private road transport, rose to 1.7 percent in June from 1.5 percent in the prior month.
On a monthly basis, consumer prices went up 0.1 percent from May, when it grew by 0.6 percent.
MAS Core Inflation is expected to rise gradually over the course of 2018 to average in the upper half of the 1-2 percent forecast range, should economic conditions evolve as expected.
Similarly, CPI-All Items inflation is projected to come within the upper half of the 0-1 percent forecast range for the full year.