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Singapore: Inflation recorded the biggest increase in the last 13 years in June

Inflation in Singapore posted its biggest rise in 13 years in June as transport and accommodation costs soared and structural inflation accelerated.

The consumer price index stood at 6.7% in June from a year earlier, according to the statistics office.

This was the biggest increase since 6.8% in September 2008, and beat estimates for a 6.2% increase.

In May, inflation stood at 5.6%.

Transportation costs, weighted in the index at 17.07%, rose 18.8% in June from the previous month.

Food prices, which have a weighting of 21.10%, rose 5.4% while housing and utility costs, which make up 24.84% of the index, rose 5.2%.

Core inflation rose 4.4% in June from a year earlier, compared with a 3.6% rise in May.

For 2022, inflation is forecast at 5%-6%, while structural inflation is forecast to average 3%-4%.

Source: Capital

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