Singapore’s inflation continues to rise sharply
Singapore's consumer prices climbed to new highs in December, 2021, according to the country’s Department of Statistics.
Core inflation was driven by a steep increase in air travel costs, official data showed. (Photo: ST FILE)Core inflation, which excludes accommodation and private transport costs, jumped to 2.1 percent last month on a year-on-year basis, the highest since July 2014, and higher than 1.6 percent in November, 2021.
Headline or overall inflation rose to 4 percent, up from 3.8 percent in the previous month and the highest since February 2013 when it surged 4.9 percent.
The increase was driven by a steep increase in air travel costs. December reflected both higher base airfares as well as the additional costs of mandatory COVID-19 tests.
Apart from airfares, point-to-point transport service costs, and tuition and other fees also rose at a faster pace, contributing to the 2.6 percent rise in the cost of services.
Given the recent stronger-than-projected inflation out-turns, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said they are reviewing their current 2022 forecasts for both overall inflation and core inflation.
The surprisingly high inflation in recent months comes on the back of an equally strong economic recovery last year when the Singapore economy expanded by 7.2 percent - the highest in 11 years.
Analysts, however, do not expect double-digit inflation in Singapore or elsewhere. They also do not see the current magnitude of price increases as a threat to the economic recovery. /.
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