, Singapore
Photo by Singapore Stock Photos on Unsplash

Inflation edges up to 4.1% in September

MTI attributed the increase to a pickup in private transport inflation.

The rate of price increase edged up to 4.1% in September 2023, data from the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) showed.

In August 2023, inflation was at 4.0%.

The pickup of the headline or consumer price index (CPI)-all items inflation was due to the higher private transport inflation (8.5% YoY from 6.3% YoY).

MTI said the pickup in private transport inflation “more than offset the decline in core and accommodation inflation.”

In September, the MAS core inflation eased to 3.0% YoY from 3.4% YoY in August, whilst accommodation inflation fell to 4.3% YoY from 4.4% YoY.

Other expenditure divisions which saw a decline in the rate of price increase were retail and other goods (0.9 YoY from 2.0% YoY) and food (4.3% YoY from 4.8% YoY).

Unchanged from August were electricity and gas (-1.4% YoY) and services (3.1% YoY).

For 2023, MAS and MTI expect headline inflation and core inflation to average e 3.0%-4.0% and 2.5%-3.5%, respectively.

Follow the links for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


UOB deploys AI tools to level up employees’ productivity
The bank with the largest consumer footprint in ASEAN leads the way in adopting Microsoft’s Copilot for more collaborative and productive banking.
Italy brings its strong suits to Singapore’s fintech expo
Italian trade executive says 9 firms at the Singapore Fintech Festival 2023 exemplify the diverse range of products and expertise Italy can bring to the table.
Trust Bank sets the bar for digital banking in Asia Pacific
The digital bank targets to be Singapore's fourth largest retail bank, CEO Dwaipayan Sadhu said.