Singapore’s consumer price inflation accelerated at a faster-than-expected pace in November, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed Tuesday.
Consumer prices climbed 0.6 percent year-over-year in November, faster than the 0.4 percent rise in October. Economists had expected the inflation to increase to 0.5 percent.
The pick up in inflation was mainly driven by higher private road transport and accommodation costs.
Services inflation edged up to 1.6 percent in November from 1.5 percent in October. At the same time, food inflation remained stable at 1.5 percent.
MAS Core Inflation, which excludes the costs of accommodation and private road transport, also held steady at 1.5 percent.
On a monthly basis, consumer prices rose 0.6 percent in November, reversing a 0.3 percent drop in the preceding month.
MAS Core Inflation is expected to be around 1.5 percent in 2017 and average 1-2 percent in 2018, while CPI-All Items inflation is projected to come in at around 0.5 percent this year and stay in the range of 0-1 percent next year.
The material has been provided by InstaForex Company – www.instaforex.com
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