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Singapore inflation at a decade high

Consumer prices in Singapore hit a record high in May, due to higher living costs and private transport costs, as well as accelerating structural inflation.

The consumer price index stood at 5.6% in May compared to the previous year, according to the statistical service.

The figures are the highest since November 2011, when inflation stood at 5.7% and exceeded estimates for a rise of 5.5%.

The structural consumer price index stood at 5.4% in April.

Transportation costs, which weighed 17.07% on the index, rose 15.5% in May. Food prices, which have a weighting rate of 21.10%, increased by 4.5% while the cost of housing and utilities, which corresponds to 24.84% of the index, increased by 5%, the data showed.

The structural consumer price index stood at 3.6% in May from the previous year compared to an increase of 3.5% in May.

Source: Capital

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