Singapore Oct core inflation up 1.5%, biggest jump in nearly 3 years

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FILE PHOTO: A ship docks at Keppel terminal in Singapore

SINGAPORE – Singapore’s key price gauge rose by the fastest pace in nearly three years in October, mainly driven by higher services and food inflation.

The core inflation rate — the central bank’s favoured price measure – rose to 1.5% in October on a year-on-year basis, compared with 1.2% in the prior month, the Monetary Authority of Singapore (MAS) said in a statement.

A Reuters poll of economists had forecast an increase of 1.3%.

Singapore’s headline inflation rose 3.2%, highest since March 2013, beating economists’ forecast of 2.8%.

(Reporting by Chen Lin; Editing by Martin Petty)