S’pore inflation rate shows no sign of easing

S’pore inflation rate shows no sign of easing 

 

 

Singapore‘s inflation rate shows no sign of easing and the government says fighting rising prices is now the country’s number one economic priority.

 

The Department of Statistics says that consumer price index for April rose 7.5 per cent from a year earlier.

 

The inflation was led by higher electricity tariffs and rents, as well as higher costs of food, transport and communication.

 

Separately, the Ministry of Trade and Industry raised the inflation forecast to a range of 5-6 per cent from a previous 4.5-5.5 per cent.

 

The MTI says oil and food prices have risen more rapidly and are expected to remain elevated over the near term.

 

This comes as Singapore’s economy grew slower than estimated in the first quarter.

 

The MTI says that the gross domestic product or GDP rose 6.7 per cent from a year ago, falling short of the advance estimate for 7.2 per cent growth.

 

But the economy is still expected to expand 4-6 percent in 2008.

 

Source: 938Live

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