Core inflation inches up to 1.2% YoY in September

CPI-All items inflation also increased to 2.5% YoY.

The Monetary Authority of Singapore (MAS) core inflation edged up to 1.2% on a year-on-year (YoY) basis in September. Month-on-month (MoM), it rose by 0.2%.

The increase can be attributed to food inflation, MAS said.

Consumer price index-all items inflation, on the other hand, also recorded an increase to 2.5% YoY; 0.4% MoM. This is due to higher inflation from accommodation and food. Inflation of 1.9% and 1.6%, were recorded respectively from the two. 

Electricity and gas also experienced an increase of 0.2% to 9.9%, due to the Open Electricity Market’s increase in prices. 

Both services and private transport inflation, meanwhile, were unchanged in the face of this at 1.2% and 10.8%, respectively.

OCBC Bank’s Head of Treasury Research & Strategy Selena Ling said that this increase was due to several other factors, such as transport costs, housing and utilities, and healthcare costs. Pegged at 8.3%, 2.3%, and 1.8% YoY respectively, these offset the price declines in clothing and footwear and communication at -5% and -2.2% YoY.