Singapore inflation hits 26-year high in March on food, oil

The Associated Press ,  Singapore   |  Wed, 04/23/2008 4:58 PM  |  Business

Singapore's inflation hit a 26-year high in March as food and oil costs continued to surge, according to government data released Wednesday.

The consumer price index - a noncore measure of costs for goods and services - rose 6.7 percent from a year earlier after rising 6.5 percent in February, the Department of Statistics said Wednesday. March's rise was the fastest since 1982.

Rising energy costs have burdened Singapore in recent months just as a global food shortage has raised prices of staple items across Asia.

Food costs in Singapore rose 7.6 percent from a year earlier in March, led by higher prices for rice, cereals and fresh vegetables.

Housing costs were another key contributor to March's inflation, with the accommodation component of the index 8.1 percent higher than a year earlier.

Transportation costs also increased further in March because of an increase in taxi fares and more expensive gasoline.

On month, the index gained 0.3 percent in seasonally adjusted terms. The index rose 0.2 percent in February from January. In unadjusted terms, the CPI fell 0.1 percent in March from February.(**)

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