Singapore: Core inflation in April reached a record high

This is the highest level since January 2012. Inflationary increased due to inflation in the prices of food, retail and other goods, as well as electricity and gas prices.

Food price inflation increased from 3.3% in March to 4.1% in April, as prices of fresh food and food services increased more strongly. Retail and other commodity price inflation accelerated from 0.4% in March to 1.6% in April due to higher clothing and footwear prices.

Electricity and gas prices also increased in April, the cost of rent also increased, while price inflation for personal vehicles decreased.

According to the Singaporean ministries and sectors, inflationary pressures from the outside continue to be large when global commodity prices escalate, as well as the impact from both the conflict between Russia and Ukraine and the evolution of the epidemic in the region on the supply chain. .

In the short term, increased geopolitical volatility and tight supply conditions will remain oil prices crude increase.

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