SINGAPORE: Singapore's core inflation rose to 5.5 per cent year-on-year in January, the highest since November 2008, official data showed on Thursday (Feb 23). This is slightly higher than what it was late last year from October to December, when it remained at 5.1 per cent for three consecutive months.&nb
SINGAPORE: Singapore's core inflation rose to 5.5 per cent year-on-year in January, the highest since November 2008, official data showed on Thursday .
The rise was driven by the increase in the Goods and Services Tax rate, as well as higher inflation for services, food and retail and other goods, said the Monetary Authority of Singapore and the Ministry of Trade and Industry . "Overall, as accumulated costs pass through global value chains, Singapore's imported inflation is expected to remain firm for some time," said the authorities.
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