Singapore's core inflation has surged to a 13-year high, driven by rising prices of food and utilities. It was 3.6% in May on a year-on-year basis. Including private transport and accommodation costs, headline inflation accelerated to 5.6%. All sectors saw an increase in prices, driven by higher energy prices. Food inflation jumped the most, as the price of food services rose more strongly. In the near term, authorities said inflation is expected to pick up before moderating at the end of the year. That's as risks arising from geopolitical and pandemic-related shocks still remain.

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