Singapore’s headline consumer price index (CPI) rose 2.1% year-on-year (y-o-y) in April, coming within the Bloomberg consensus estimate of 2.0%, according to the Department of Statistics Singapore (SingStat) on May 24.

Core CPI, which marks price increments in sectors with the exception of accommodation and private transport, was up 0.6% y-o-y in April, albeit lower than the Bloomberg consensus estimate of 0.9%.

"This is the highest headline CPI since May 2014 and was largely attributable to the low base last year during the circuit breaker (CB) period. In particular private road transport costs have risen with higher car prices and the resumption of ERP (which were suspended during CB last year), whilst accommodation costs have also risen with the pickup in housing rents," writes OCBC Bank's Selena Ling, head of treasury research & strategy.

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