SINGAPORE'S consumer prices climbed 3.2 per cent in April, from a year ago, due to higher transport, housing and food costs.
Data released by the Department of Statistics on Monday showed that April's inflation rate is the highest in 14 months, as an accelerating economy and a booming labour market boosted housing and transportation costs.
It was more than the 2.6 per cent median estimate of five economists surveyed by Bloomberg News. Prices rose 0.9 per cent from March, without adjusting for seasonal factors. Following higher prices of cars and petrol, transport costs surged by 13.4 per cent in April, from a year earlier.
Housing cost rose by 2.9 per cent as a result of higher electricity tariffs and service and conservancy charges, while food prices went up by 1.2 per cent, arising from more expensive prepared meals, vegetables, fresh seafood, chilled pork, as well as rice and other cereals.
Excluding accommodation costs, the consumer price index was 3.9 per cent higher in April, compared with the same period a year ago. The CPI in the first four months rose by 1.5 per cent compared with the same period last year.
Singapore's inflation gains may become 'steep' in coming quarters as improvements in the labour market boost wages and businesses pass on higher costs to consumers, the central bank said on April 28.
