Singapore's inflation rate edged up to 2 percent year-on-year in August, which represented the fourth straight month of increase.
The Monetary Authority of Singapore (MAS) said the higher CPI-All Items inflation was due to higher costs of accommodation, services and food.
Accommodation cost was the key contributor in August, increasing by 4.2 percent due to a disbursement of service & conservancy charges rebates for Housing Board households in July. Services inflation picked up slightly to 2.7 percent, led by a stronger rise in cable TV charges and tertiary education fees. Food prices increased by 2.4 percent, mainly due to costlier hawker and restaurant meals.
Meanwhile, private road transport cost saw a smaller gain of 0.1 percent. It had rose 2.0 percent in the previous month. Petrol pump prices rose at a more moderate pace, in line with the recent trend in global oil prices.
MAS Core Inflation, which excludes the costs of accommodation and private road transport, rose to 1.8 percent in August from 1.6 percent in July due to slightly higher contributions from food and services. MAS Core Inflation is expected to rise moderately for the rest of the year and average 1.5 to 2.5 percent in 2013.
The consumer price index (CPI) in August rose 2 percent from a year earlier, the Ministry of Trade and Industry (MTI) said on September 23.
MTI and MAS said in a joint statement that domestic cost pressures were expected to persist amid continuing tightness in the labour market.
Singapore has been experiencing higher-than-normal inflation in recent years due in part to government measures to slow the inflow of cheap foreign workers into the city-state.
The Singapore government on September 23 announced rules that will force many companies to consider Singaporeans for skilled job vacancies before turning to candidates from abroad.-VNA
The Monetary Authority of Singapore (MAS) said the higher CPI-All Items inflation was due to higher costs of accommodation, services and food.
Accommodation cost was the key contributor in August, increasing by 4.2 percent due to a disbursement of service & conservancy charges rebates for Housing Board households in July. Services inflation picked up slightly to 2.7 percent, led by a stronger rise in cable TV charges and tertiary education fees. Food prices increased by 2.4 percent, mainly due to costlier hawker and restaurant meals.
Meanwhile, private road transport cost saw a smaller gain of 0.1 percent. It had rose 2.0 percent in the previous month. Petrol pump prices rose at a more moderate pace, in line with the recent trend in global oil prices.
MAS Core Inflation, which excludes the costs of accommodation and private road transport, rose to 1.8 percent in August from 1.6 percent in July due to slightly higher contributions from food and services. MAS Core Inflation is expected to rise moderately for the rest of the year and average 1.5 to 2.5 percent in 2013.
The consumer price index (CPI) in August rose 2 percent from a year earlier, the Ministry of Trade and Industry (MTI) said on September 23.
MTI and MAS said in a joint statement that domestic cost pressures were expected to persist amid continuing tightness in the labour market.
Singapore has been experiencing higher-than-normal inflation in recent years due in part to government measures to slow the inflow of cheap foreign workers into the city-state.
The Singapore government on September 23 announced rules that will force many companies to consider Singaporeans for skilled job vacancies before turning to candidates from abroad.-VNA
