SINGAPORE (Reuters) – Singapore’s key consumer price gauge rose 5.5% in January, slightly below forecast though faster than the preceding month, official data showed on Thursday.
The core inflation rate – which excludes private road transport and accommodation costs – topped the 5.1% rise in December. A Reuters poll of economists had forecast a 5.6% increase in January.
The core inflation rate seen in January was the highest since October 2008.
The increment was driven by higher prices of services, food, retail and other goods, along with an increase in sales tax, according to a statement from the Monetary Authority of Singapore.
Headline inflation rose to 6.6% year-on-year in January, from 6.5% in December, lower than the 7.1% forecast in a Reuters poll.
The central bank had earlier said core inflation was likely to stay at about 5% for the early part of 2023.
It has also projected a core inflation rate of between 3.5% to 4.5% in 2023, with headline inflation coming in at between 5.5% and 6.5%.
(Reporting by Chen Lin in Singapore; Editing by Ed Davies)
