Core and headline inflation rise but remain below economist estimates in July; electricity prices rise sharply
Core inflation, which excludes accommodation and private transport, rises to 2% in July from June’s 1.6%
In July 2023, core inflation in Singapore, which excludes accommodation and private transport, rose to 2% from June's 1.6%, according to the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI). The headline inflation figure also increased to 2.2% from June's 1.9%, driven by a rise in accommodation costs alongside higher core inflation.
Both figures were below the median estimates of economists, with core inflation expected to be around 2.2% and headline inflation around 2.4%. On a month-on-month basis, the core consumer price index (CPI) increased by 0.3%, while the all-items CPI declined by 0.2%. The rise in core inflation was attributed to increases in electricity and gas tariffs, services, and food prices.
Electricity prices saw an 8.7% increase in July, while services inflation rose to 1.7% and accommodation inflation increased to 0.8%. Food inflation also slightly increased to 2.2%. Despite these increases, the authorities maintained their 2026 inflation forecast range for both core and headline inflation between 1.5% and 2.5%.
Written by urgent.news from The Business Times - Singapore's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
