The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Friday that the MAS core inflation on a year-on-year basis rose to 5.1 percent in August from 4.8 percent in the previous month.
Meanwhile, the CPI-All Items inflation rose to 7.5 percent year on year in August from seven percent in July.
Singapore’s MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.
According to MTI and MAS, the pickup in core inflation this August was mainly driven by larger increases in the prices of services and food. The rise in CPI-All Items inflation largely reflected higher private transport inflation, in addition to the pickup in core inflation.
On a month-on-month basis, Singapore’s MAS core CPI and CPI-All Items increased by 0.5 percent and 0.9 percent, respectively.
The two authorities reiterated that the core inflation is projected to stay elevated over the next few months. For the full year, Singapore’s CPI-All Items inflation is expected to come in at 5-6 percent, while MAS core inflation is projected to average 3-4 percent.
MAS and MTI also reiterated that fresh shocks to global commodity prices, as well as domestic wage pressures remain as upside risks to inflation.