Singapore inflation quickens to 4-month high of 5.4 per cent as housing, transport costs jump

SINGAPORE - Singapore says its inflation rate rose to a fourth-month high in April as housing and transport costs soared.

The central bank said in a statement Wednesday that the consumer price index increased 5.4 per cent in April from a year earlier, up from 5.2 per cent in March.

The bank said housing costs jumped 11 per cent while transport prices gained 7.5 per cent.

The bank said the inflation rate will likely average about 5 per cent in the first half before gradually falling in the second half. The bank reiterated its 2012 inflation forecast of between 3.5 per cent and 4.5 per cent.

Inflation has quickened this year despite a slowing economy. The government expects the economy to grow as little as 1 per cent this year from 4.9 per cent last year.