Singapore’s inflation in June remains at 26 year high

Singapore’s inflation in June remains at 26 year high

 

Singapore’s inflation held at a 26-year high in June as food and housing costs continued to soar.

 

The consumer price index unexpectedly stayed at 7.5 percent compared to the same period last year, the same level as that registered in April and May.

 

Economists polled had predicted that inflation in June would rise to a new record of some 8 percent.

 

On a month on month comparison, the CPI in June gained 0.4 percent in seasonally-adjusted terms in June, though in unadjusted terms, it fell 0.3 percent.

 

Accommodation expenses were a lead driver of inflation in June, with the housing component of the index gaining 13.4 percent on year.

 

Some of the rise in the housing component is due to a new computation technique implemented in January, which uses market prices rather than delayed data

 

Food was another major contributor to the high CPI, ticking up 9.2 percent year-on-year, as a result of higher prices for rice, milk, and vegetables.

 

Transportation costs also increased further on account of higher taxi fares and more expensive fuel prices.

 

Source: 938Live