Singapore inflation rises 2.4% YoY in August

Meanwhile, the core inflation also increased by 1.1%.

The overall inflation, or the consumer price index (CPI), has gone up by 2.4% in August on a year-on-year (YoY) basis, the Department of Statistics announced.

This was heavily driven by the increase in Transportation CPI at 8.3% YoY. Housing and utilities (2.2%), healthcare (1.7%), household durables and services (1.6%), food (1.5%), recreation and culture (1.4%), and education (1.3%) also saw an increase in prices compared to August the previous year.

Meanwhile, prices for clothing and footwear, communication, and miscellaneous goods and services decreased by 6.2%, 2.2%, and 0.1% YoY, respectively.

The CPI only covers consumption expenditure by resident households, which are those headed by Singapore citizens or permanent residents. A total of 6,800 brands were included in the CPI basket.

Meanwhile, core inflation, which affects monetary policy, rose by 1.1% YoY in August.