Singapore inflation inches up to 1.9 per cent

Singapore inflation inches up to 1.9 per cent

SINGAPORE - Inflation in Singapore came in at 1.9 per cent last month over the same month last year, edging up from 1.8 per cent in June.

The slight uptick was largely the result of a rise in private road transport costs, which had slid for two straight months previously.

Inflation has come in below 2 per cent for four consecutive months, after an extended period of higher rates.

Private road transport costs were 2 per cent higher last month, compared with a 2.1 per cent fall in June, said the Department of Statistics on Friday.

This was due to car prices picking up following the rise in certificate of entitlement (COE) premiums in June, and the implementation of a new surcharge on some cars under the Carbon Emissions-based Vehicle Scheme.

Petrol prices also rose, in line with the recent uptrend in global oil prices.

ANZ economist Daniel Wilson said that private transport costs are expected to have marginal impact on inflation through to the end of the year, as COE prices have stabilised in recent weeks, and are expected to stay that way.

Accommodation costs increased at a slower pace of 2.6 per cent last month, from 4.8 per cent in June, owing to the disbursement of service and conservancy charge rebates for Housing Board households.

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