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Singapore: Inflation at a 14-year high in July

Consumer prices in Singapore rose at the fastest pace in 14 years in July, driven mainly by higher private transport and housing costs, as well as higher structural inflation.

The consumer price index rose 7% in July from a year earlier, according to the statistics office.

The figures were the highest since June 2008’s 7.5%, although slightly lower than average estimates for a rise of 7.1%.

Travel costs, weighted in the index at 17.07%, rose to 19% in July from a year earlier.

Food prices (with a weighting of 21.10% in the index) increased by 6.1% while housing costs increased by 5.9% (corresponding to the formation of the index by 24.84%).

The structural consumer price index stood at 4.8% in July versus a year earlier, up from 4.4% in June.

Source: Capital

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