Singapore’s consumer prices increased at a slower pace in June, primarily due to a moderation in core inflation and smaller cost increases in transport and food sectors.
Consumer Price Index
According to the Department of Statistics, the consumer price index rose by 4.5% in June compared to the same period last year. This growth rate is slightly lower than the 5.1% rise in May.
Breakdown of Costs
Here is a breakdown of the costs associated with different sectors:
- Housing and utilities costs: These costs, which represent 24.84% of the index, increased by 4.3% in June compared to the previous year.
- Food prices: With a weighting of 21.10%, food prices rose by 5.9% in June, showing a slight slowdown from the 6.8% growth in May.
- Transportation costs: Accounting for 17.07% of the index, transportation costs increased by 4.6% in June compared to the previous year, decelerating from a 6.0% increase in May.
Core Consumer Price Index (CPI)
The core CPI, which excludes private road transport and accommodation costs, experienced a 4.2% increase in June compared to the previous year. This growth rate is slightly lower than the 4.7% rise in May.