Singapore October core inflation rises 5.1%, less than forecast

SINGAPORE (Reuters) – Singapore’s key consumer price gauge rose 5.1% in October, slightly less than forecast and below the previous month, official data showed on Wednesday, due to smaller increases in the prices of utilities, retail, other goods and services.

The core inflation rate – the central bank’s favoured price measure – rose to 5.1% in October on a year-on-year basis, compared with 5.3% in September. A Reuters poll of economists had forecast a 5.3% increase in October.

Headline inflation came in at 6.7%, a drop from the 7.5% increment in September. The economists’ forecast for October was 7.1%.

The central bank had earlier said core inflation was likely to stay elevated at about 5% for the rest of 2022, and into the first half 2023.

The city-state tightened monetary policy last month for the fourth time this year to combat inflation.

(Reporting by Chen Lin in Singapore; Editing by Ed Davies)