JAKARTA - Singapore's inflation rose sharply in March. The main cause is not food prices, but transportation costs driven by rising fuel prices amid the energy crisis due to the Middle East conflict.
Disadur dari Anadolu Agency, Jumat, 24 April, Statistics Singapore mencatat inflasi utama Singapura naik menjadi 1,8 persen secara tahunan pada Maret. Sebulan sebelumnya, inflasi masih 1,2 persen.
The price increase mainly occurred in private transportation, retail, and other goods and services. Core inflation also rose from 1.4 percent in February to 1.7 percent in March.
The most striking spike was in private transport. Inflation soared to 6.6 percent on an annual basis, well above the 2.4 percent in February. More expensive gasoline prices were the main trigger.
Retail and other goods prices also rose. Inflation reached 1.8 percent in March, from 0.6 percent in the previous month. The increase mainly occurred in alcohol, tobacco, clothing, and footwear.
The services sector rose more thinly, from 2 percent to 2.1 percent. The trigger includes point-to-point transportation costs and telecommunications.
On the other hand, food prices are relatively stable. Food inflation remains at 0.6 percent. The price of raw food also rose at the same rate as February.
Electricity and gas prices actually fell 4.3 percent year-on-year. The figure was unchanged from the previous month.
Singapore's inflation rise comes as global energy markets are still disrupted. The Iran war disrupted supply flows through the Strait of Hormuz, an important route for the world's crude oil and LNG trade.
Brent crude prices briefly approached $120 a barrel after the pipeline was shut, then stabilized around $100. However, shipping restrictions still raise concerns that supply has not eased, even though a ceasefire is in place.
This increase is a signal for Southeast Asian countries that the rapid increase in oil prices is entering the cost of transportation and the price of goods.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
