Singapore overall inflation hits 3.2% highest since 2013
This was led by higher private road transport and accommodation costs.
A release by the Department of Statistics revealed that in October, overall inflation rose to 3.2%. This is the fastest YoY increase since March 2013.
UOB’s Alvin Liew attributes this to higher private road transport and accommodation costs, which saw an increase of 14.3% and 2.5% YoY, respectively. More expensive items of service (+1.6%) and food (1.7%) also added to the inflation pressures for the month.
Other factors include more expensive airfare, higher holiday expenses, and increased cost of recreation and cultural services.
Meanwhile, to offset this performance, retail and other goods saw a decline in consumer prices by 3.2%; communications, 1.6%; and miscellaneous goods and services, 0.6%. Energy costs also contributed to this, albeit on a lower value, due to a 7.8% YoY increase.