Inflation fears return as CPI rises to 3.2%

Singapore’s inflation held at a 14-month high in May as the island’s economic rebound boosted food, housing and car prices.

The consumer price index climbed 3.2% from a year earlier, Singapore’s Department of Statistics said on Wednesday in a statement.

That CPI was more than the 3% median estimate of 11 economists surveyed by Bloomberg News. Prices rose 0.6% from April, without adjusting for seasonal factors.

Singapore’s economy expanded an annualized 38.6% from the previous three months in the first quarter as overseas demand for its manufactured goods recovered from last year’s slump. This has boosted hiring and has brought the unemployment rate to 2.2%, the lowest level in almost two years.

View the full story in Bloomberg.