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Singapore Apr inflation rate up as housing costs soar

Singapore inflation hit a slightly higher-than-expected 5.4 percent in April, increasing the chance that it may exceed a government forecast for the year and putting pressure on the central bank to keep a tighter monetary policy.

A Reuters poll of 12 economists had forecast a rise of 5.3 percent. In March, the year-on-year inflation rate surprisingly spiked to 5.2 percent from 4.6 percent the previous month.

Headline inflation "could average around 5 percent year-on-year in the first half of 2012 before easing gradually in second half," the Monetary Authority of Singapore and the Ministry of Trade and Industry said on Wednesday in a statement reporting the April data.

 

(Source: CNBC)