Published on 21/05/2019 3:39:16 PM | Source: Reuters

Singapore`s headline inflation rate seen edging higher in April: Reuters poll

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SINGAPORE - Singapore's headline inflation rate likely edged slightly higher in April due to higher oil and transport costs, a Reuters poll showed on Tuesday.

Singapore's consumer price index probably rose 0.8 percent from a year earlier in April, the poll showed, accelerating from 0.6 percent in March.

"Headline inflation is expected to see a slight uptick on the back of higher oil prices and COE (certificate of entitlement) premiums," Maybank Kim Eng economist Lee Ju Ye said.

In Singapore, one of the world's most expensive places for owning a car, buyers have to pay a levy for a "certificate of entitlement" in order to own a car.

The poll also showed that the April core inflation measure of the Monetary Authority of Singapore likely rose 1.3% from a year earlier, down slightly from the 1.4% rise in the previous month.

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

Earlier on Tuesday, Singapore reported its worst annual economic growth in nearly a decade in the first quarter, as manufacturing and exports plunged and trade uncertainty from the Sino-U.S. trade war tainted the outlook.

(Reporting by Fathin Ungku; Editing by Richard Borsuk)