During the month, core inflation also jumped similarly to 5.1% y-o-y, reflecting the stronger pickup of prices for services and food.
As Singapore’s headline inflation surpassed market expectations with a 7.5% y-o-y print in August, analysts are expecting the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) to soon lift their official inflation forecasts.
The headline inflation has brought Singapore’s inflation for the first eight months of 2022 to 5.7% y-o-y, which is near the upper end of the official headline CPI forecast of 5% - 6% y-o-y. The surge was due to the higher car prices, more expensive holiday expenses, bigger hike in housing rentals and more costly food services and non-cooked food items.
