Food prices and service
Singapore’s inflation rate neared a 14-year high in August as utility bills also rose sharply.
Geopolitical tensions, global commodity price hikes, supply chain disruptions, and unpredictable weather conditions are expected to throw the world into even more uncertainty.
Despite Singapore’s efforts to tackle rising inflation, the August data signaled that challenges are looming.
Core inflation, which accurately reflects the costs of Singaporean households, is Ft
It touched 5.1 percent of the force.
Private transportation and accommodation expenses are not included in this capital inflation calculation.
While it was 4.8 percent higher in July, the situation in August has also exceeded that.
Also, this is the highest core inflation since November 2008. It peaked at 5.5 percent in that month.
In August, headline inflation, known as the consumer price index, rose to the same 7.5 percent rate recorded 14 years ago, in June 2008. It was 7 percent in July.
Inflation in August also hit a 14-year high.
Increased transport inflation, increase
Expenditure on government, steep rise in housing rents, rise in food prices and service charges have pushed up headline inflation.
Food prices in August this year have increased by 6.4 percent compared to August last year.
Chong Cheng Un, an economist at CIMB, said the impact has affected users.
He also told the Straits Times newspaper that it was “ridiculous” that the rents had been raised when certain sections of the public were still living in rented accommodation.
In particular, rents for condominiums increased by 27.5 percent in August this year compared to last year. Similarly, the rent for Housing Development Corporation houses also saw an increase of 21.6 percent.
The Monetary Authority of Singapore said headline inflation for the full year, including the rest of the year, is forecast to remain between 5 percent and 6 percent.
Similarly, the commission said yesterday that capital inflation is expected to be between 3 percent and 4 percent. Also, it is predicted that this increase in inflation may continue for the next few months.
The headline inflation rate for the first eight months of the year was 5.7 percent on a year-on-year basis.