Singapore's October core inflation highest in four years

The figure was released by the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) on November 23rd.

A sharp increase in the prices of oil and gas pushed the electricity price in October up 16.6 percent compared to the same period last year and higher than the rise of 13 percent in September.

This was one of the main reasons leading to the soaring inflation rate in the city state.

MTI and MAS also predicted that the core inflation will rise modestly in the months ahead and stand at 1.5-2 percent this year and 1.5-2.5 percent in 2019.

Earlier, MTI also announced statistics showing that the Singaporean economy grew 2.2 percent in the third quarter of this year./.