Singapore's inflation rate surged to an annual 6.6 percent in January, the highest since March 1982, lifted by rising food and housing costs, the government said Monday.
The rise in the consumer price index was faster than analysts' forecasts, and surpassed the 4.4 percent inflation rate registered in December.
Housing costs, which made up 21 percent of the index, jumped 11.1 percent in January from the same month in 2007, the Department of Statistics said.
Prices of food, which accounted for 23 percent of the index, rose 5.8 percent, while transportation and communication costs advanced 6.9 percent.
Singapore's rising inflation is in line with price increases worldwide driven by higher food and fuel costs.
Oil prices last week touched an all-time high above 101 dollars per barrel and were trading near 100 dollars on Monday.
Singapore's trade ministry this month bumped up its inflation forecast for 2008 to 4.5-5.5 percent from 3.5-4.5 percent.
Agence France-Presse - 2/25/2008 9:29 AM
No comments:
Post a Comment