The higher core inflation was attributed to higher inflation for services, which saw inflation increase due to higher holiday expenses as well as tuition and other fees, and outpatient and hospital services costs. Retail and other goods, which saw the higher prices of personal care products and medical goods, also led to the higher core inflation in October. Finally, higher inflation in electricity and gas, which was due to higher tariffs, was also another factor.
Singapore’s headline inflation – or CPI-All items inflation – rose to 4.7% on a y-o-y basis in October, higher than the 4.1% print in September.
Monetary Authority of Singapore (MAS) core inflation, which excludes accommodation and private transport, also picked up to 3.3% on a y-o-y basis, higher than the 3.0% growth seen in September.
