Singapore’s core inflation posts 14-year high

Illustrative image (Photo: Xinhua/VNA)

Singapore (VNA) - Singapore's core inflation rose 5.1% in August to a nearly 14-year high, driven mainly by stronger increases in the prices of food and services.

This is higher than the 4.8% in July, and marks its highest level since it touched 5.5% in November 2008.

Last month, the nation’s headline consumer price index (CPI) or overall inflation came in at 7.5%, matching the 14-year high in June 2008. In July, it touched 7%.

The jump mainly reflected higher transport inflation, bigger holiday expenses, steeper hikes in housing rentals, and more costly food and services.

For the full year, the headline inflation forecast remains unchanged at between 5-6%, while core inflation is projected to average between 3-4%, said the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) last week./.

VNA