April inflation hits 5-month high

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Singapore's annual consumer inflation rate probably was at its highest level in five months in April, a Reuters poll showed, due partly to higher private transport costs against a low base the previous year.

The Reuters poll forecast that the consumer price index (CPI) in April rose 2.6 per cent from a year earlier, matching a pace last seen in November and accelerating from a 1.2 per cent increase in March.

The official CPI data is due to be released next Friday.

The Monetary Authority of Singapore's (MAS) core inflation measure in April was forecast to have climbed 2.2 per cent from a year earlier after it stood at 2 per cent in March, the poll found.

The central bank's core inflation measure excludes changes in the price of cars and accommodation, which are influenced more by government policies.

In April, Singapore's central bank maintained its tight monetary policy stance of allowing a "modest and gradual" appreciation of the Singapore dollar, saying that core inflation will be elevated due to wage cost pressures from a tight labour market.