Singapore Core Inflation Rises to 2% in July as Energy, Food and Services Costs Climb
Updated
Updated · CNA · Aug 24
Singapore Core Inflation Rises to 2% in July as Energy, Food and Services Costs Climb
3 articles · Updated · CNA · Aug 24
Summary
Singapore’s core inflation accelerated to 2.0% year-on-year in July from 1.6% in June, while still coming in below the 2.2% median Reuters forecast.
Electricity and gas drove much of the pickup, swinging from a 2.9% decline in June to 8.7% inflation in July; services inflation rose to 1.7% and food to 2.2%.
Overall CPI increased to 2.2% from 1.9%, reflecting higher accommodation costs alongside firmer core prices, even as headline inflation fell 0.2% month-on-month.
MAS and MTI said elevated global energy prices, volatile oil markets and adverse weather could lift imported goods and food costs further, keeping inflation risks tilted to the upside.
Authorities kept their 2026 forecast unchanged at 1.5%-2.5% for both core and overall inflation, and said core inflation may stay elevated into 2027 before easing from mid-year.