SINGAPORE: Singapore’s key consumer price gauge rose 3.3% in October on a yearly basis, higher than economists’ forecasts, official data showed on Thursday.

The core inflation rate – which excludes private road transport and accommodation costs – was slightly above the 3.0% forecasted by a Reuters poll of economists. It compared with 3.0% in September and a peak of 5.5% in January and February.

Headline inflation in October was at 4.7% compared with the same month last year, also higher than economists’ forecast of 4.45% and compared with a prior 4.1%.

The government said the pick up in core inflation was due to higher prices for services and retail and other goods, and an increase in electricity & gas costs.

Last month, the central bank kept monetary policy settings on hold but changed the frequency of policy reviews from a semi-annual to a quarterly schedule. On Wednesday, a central bank official said its was “appropriate”. – Reuters