Singapore’s March inflation rate at 26-year high of 6.7%

Singapore’s annual inflation was 6.7 percent last month, the highest in 26 years, the Department of Statistics said on Wednesday.

It said the consumer price index was boosted by higher costs of food, transport, communications and housing.

The March consumer price index figure was down 0.1 percent from February’s figure, the department added.

On a seasonally adjusted basis, the index was 0.3 percent higher in March, compared with the previous month.

Inflation reached 6.6 percent in the first three months of 2008, compared with the same period last year.

Singapore is not alone in grappling with inflation.

The United Nations food agency on Tuesday said the world faces a “silent tsunami” of soaring food prices and more must be done to help secure future supply.

Rising food prices are driving more people in Singapore to join the queue for free meals, charities said.

Crude oil is also trading at near record high prices globally.

Source : Channel NewsAsia – 23 Apr 2008

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