Singapore's core inflation rises to 0.7 pct in April

Singapore's core inflation rose to 0.7 percent year-on-year in April, up from 0.5 percent in March, according to official data released Friday.

A joint statement from the Ministry of Trade and Industry and the Monetary Authority of Singapore attributed the increase to higher inflation in services and food sectors, which more than offset lower retail and other goods inflation.

On a month-on-month basis, the core Consumer Price Index (CPI) increased by 0.5 percent. The core CPI excludes private transport and accommodation costs to better reflect persistent and generalized price changes driven by underlying demand conditions.

Meanwhile, overall inflation remained steady at 0.9 percent year-on-year. This stability resulted from lower inflation in accommodation and private transport, which balanced out the rise in core inflation, the statement added.