Singapore’s consumer-price inflation continued to accelerate in September, driven by higher private transport costs, despite a slowdown in core and accommodation inflation.
The consumer-price index (CPI) rose by 4.1% compared to the same period last year, according to the Department of Statistics. This increase slightly missed expectations, falling below the median estimate of 4.2% from a survey conducted by the Wall Street Journal.
Transportation costs, which hold a significant weight of 17.07% in the index, saw a notable increase of 6.3% year-on-year in September, up from August’s rise of 4.8%. On the other hand, housing and utilities costs, which account for 24.84% of the index, experienced a deceleration, recording a 3.7% increase compared to the previous month’s 3.8% rise. Food prices, with a weight of 21.10%, also showed a slowdown, rising by 4.3% versus 4.8% previously.
The core CPI, which excludes private road transport and accommodation costs, increased by 3.0% year-on-year in September, according to the data. This figure was below the median estimate of a 3.1% increase from the Wall Street Journal survey and lower than August’s 3.4% rise.