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.