By Gaurav Raghuvanshi
SINGAPORE--Singapore's consumer prices rose as expected in April, mainly due to higher costs of services and transport.
The consumer price index rose 0.8% from a year ago in April, according to data released by the Ministry of trade and industry Thursday.
The result matched the median estimate from a poll of nine economists by The Wall Street Journal. It rose 0.6% in March.
Food prices, which have a 21.7% weighting in the index, rose 1.3% on year due to higher prices of prepared meals and non-cooked food items, the data showed. Services inflation accelerated to 2.0% in April from 1.7% in March due to higher spending on holidays.
The costs of housing and utilities, which has an index weighting of 26.3%, fell 1.0% on year in April. The cost of transportation, which has an index weighting of 15.8%, rose 1.4%, reversing its decline in the previous month as car and fuel prices increased.
The central bank's core inflation measure, which excludes the costs of accommodation and private road transport, eased to 1.3% in April, compared with 1.4% in March due to smaller gains in the costs of food and electricity. The poll had predicted core inflation rate to ease to 1.3% in April.
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