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SINGAPORE – The Trade and Industry Ministry (MTI) and the Monetary Authority of Singapore (MAS) announced today that the MAS core inflation on a year-on-year basis rose to 4.8% in July from 4.4% in the previous month.
Meanwhile, the consumer price index (CPI)-All Items inflation rose to 7% year-on-year in July from 6.7% in June.
Singapore’s MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the price increase for all items.
According to MTI and MAS, the pickup in core inflation this July was mainly driven by increases in food, electricity and gas inflation. The CPI-All Items inflation increased due to the rise in core inflation, as well as higher private transport inflation and accommodation inflation.
On a month-on-month basis, Singapore’s MAS core CPI and CPI-All Items increased by 0.6% and 0.2%, respectively.
The two authorities said that the core inflation is projected to stay elevated over the next few months before it begins to ease towards the end of the year. For the full year, Singapore’s CPI-All Items inflation is expected to come in at 5%-6%, while MAS core inflation is projected to average at 3%-4%.
MAS and MTI reiterated that fresh shocks to global commodity prices, as well as domestic wage pressures, remain as upside risks to inflation. – Bernama, August 23, 2022