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Singapore’s core inflation up 5.5% in January

Singapore's core inflation rose to 5.5% year-on-year in January, the highest since November 2008, according to a press release by the Ministry of Trade and Industry (MTI) on February 23.
Singapore’s core inflation up 5.5% in January ảnh 1Illustrative photo (Source: AFP/VNA)
Singapore (VNA) - Singapore's core inflation rose to 5.5%year-on-year in January, the highest since November 2008, according to a pressrelease by the Ministry of Trade and Industry (MTI) on February 23.

This was up from the 5.1% recorded in December last year. Core inflationexcludes accommodation and private transport costs.

The rise in January was driven by the Goods and Services Tax(GST) rate increase, as well as higher inflation for services, food and retailand other goods.

The headline consumer price index, or overall inflation, was6.6% year-on-year in January, higher than the 6.5% recorded in December 2022.This reflected the rise in core inflation and the higher accommodationinflation.

Core inflation is set to stay above 5% year-on-year in thefirst quarter of 2023, and remain elevated for the first half of this year.

For 2023 as a whole, overall inflation is projected toaverage between 5.5% and 6.5%, while core inflation is expected to come in atbetween 3.5% and 4.5%./.
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