Singapore's CPI-All Items Inflation Up To 1.8 Pct Y-O-Y In June

By Tengku Noor Shamsiah Tengku Abdullah SINGAPORE, July 23 (Bernama) -- Consumer Price Index (CPI)-All Items inflation rose to 1.8 per cent in June from 1.6 per cent in May, mainly due to petrol pump prices which increased with the recent pick-up in global oil prices. A joint statement by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said some services costs also registered slightly stronger gains in June. Petrol pump prices increased after three consecutive months of price correction, although electricity tariffs remained 7.2 per cent lower compared to a year earlier. Overall, the price of oil-related items fell by 1.0 per cent in June, compared to a larger decline of 4.4 per cent in May. Services inflation was higher at 2.7 per cent in June compared with 2.5 per cent in May, mainly on account of costlier medical insurance and holiday travel. Food inflation was stable at 2.0 per cent. Accommodation cost inflation was 4.8 per cent in June, down from 5.1 per cent in May, as imputed rentals on owner-occupied accommodation increased more gradually. Nevertheless, imputed rentals continued to contribute a significant 0.9 per cent point to overall inflation in June. MAS Core Inflation, which excludes the costs of accommodation and private road transport, stayed at 1.7 per cent in June, and is expected to rise moderately in the second half of the year and average 1.5-2.5 per cent in 2013. -- BERNAMA