SINGAPORE (Thomson Financial) - Consumer prices rose at an annual rate of 7.5 percent for the third straight month in June due to the continued jump in food and housing costs as well as higher oil prices, data from the Department of Statistics showed on Wednesday.
Economists polled by Thomson IFR were expecting a 8.0 percent rise in the consumer price index (CPI) last month, on average, after spiking by 7.5 percent in both April and May.
Despite the slower-than-expected rise in consumer prices, inflation in Singapore still remains at a 26-year high.
Food costs, which make up about 23 percent of the CPI, rose 9.2 percent from a year ago, while transport and communication costs, representing about 22 percent of the index, gained 5.1 percent. Housing costs, which make up about 21 percent of the index, rose 13.4 percent on the back of higher accommodation costs and electricity tariffs, the department said. On a seasonally-adjusted basis, CPI in June rose 0.4 percent from May, above economists' estimate of a 0.1 percent rise.
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