Singapore’s Inflation Rate Approaches Highest Level Since 2008
Singapore, January 25 (QNA) – The core inflation rate rose in Singapore during December of last year 2022, approaching its highest level in 14 years, in light of the focus of monetary policy makers on confronting the risks of economic growth due to the deterioration of the global economic outlook.
According to data from the Singapore Monetary Agency (the central bank) and the Ministry of Commerce and Industry issued on Wednesday, the core inflation rate, which does not include private transportation and accommodation costs, rose to 5.1 percent during the past month (December 2022), compared to the same month of the previous year.
On the other hand, the general inflation rate declined during the past month to 6.5 percent, compared to 6.7 percent during the previous two months, while analysts had expected a decline in the rate to only 6.6 percent.
Retail, electricity and gas prices also witnessed a slower rate of increase in December, while the rate of increase in food prices and services such as travel costs increased, and the price of food increased by 7.5 percent annually, which is the highest rate of increase since October 2008.