, Singapore
139 views
Photo by Luah Jun Yang on Unsplash

Inflation picks up to 6.6% in January

It came in higher due to the increase in services inflation, amongst others.

The rate of price increase picked up to 6.6% in January 2023, data from the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) showed. In December 2022, inflation was at 6.5%.

The expansion of the headline or consumer price index (CPI)-all items inflation was on the back of higher inflation for services (4.2% from 3.7%), food (8.1% from 7.5%), accommodation (5.0% from 4.7%) and retail & other goods (3.3% from 2.8%)

On the other hand, price movements slowed down for electricity and gas (11.5% from 16.5%) and private transport (14.3% from 15.5%). 

The higher inflation for services, food and retail & other goods, as well as the GST rate hike, pushed the MAS core inflation up to 5.5% YoY in January from 5.1% in December 2022. 

For 2023, MAS and MTI expect headline inflation and core inflation to average 5.5%–6.5% and 3.5%–4.5%, respectively.
 

Follow the link 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!