The Consumer Price Index (CPI) rose by 5.4 per cent from a year ago, easing from the previous month's gain of 5.5 per cent.
The October reading is above market expectations of a rise of 5.2 per cent.
The CPI rose 0.4 per cent in October 2011 from the previous month.
The Department of Statistics said the CPI reading reflected mainly higher costs of accommodation, private road transport and food.
The higher cost of accommodation was due to higher imputed rentals of owner-occupied homes.
Private road transport costs were driven by a significant increase in Certificate of Entitlement, or COE premiums and higher petrol prices.
Excluding accommodation costs, the consumer price index rose by 4.1 per cent compared to the same month last year.
The Monetary Authority of Singapore's core inflation measure for October (which excludes the costs of accommodation and private road transport) rose by 2.3 per cent from a year earlier, and increased by 0.3 per cent from September.
The central bank has raised its inflation forecast twice this year, and predicts an annual gain of around 5 per cent for 2011.
The MAS expects inflationary pressures to taper off next year, and forecasts headline inflation of 2.5 to 3.5 per cent.
- CNA/ck
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