SINGAPORE – Singapore’s core inflation rose in July due to higher inflation for electricity and gas, services and food.
Core inflation – which excludes private transport and accommodation to better reflect household expenses – came in at 2 per per cent in July, up from 1.6 per cent in June.
Overall inflation was 2.2 per cent in July, up from 1.9 per cent in June, due to an increase in accommodation inflation alongside higher core inflation, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said in a joint statement on Aug 24.
Electricity and gas prices reversed a 2.9 per cent decline in June to rise 8.7 per cent in July, mainly due to a sharp increase in electricity prices.
Private transport inflation slowed to 8 per cent in July, from 8.4 per cent in June, as the pace of increase in petrol and diesel prices moderated.
Food inflation edged up to 2.2 per cent in July, from 2 per cent in June, because the prices of food services and non-cooked food increased at a faster pace.
Retail and other goods inflation eased to 1.4 per cent in July, from 1.7 per cent in June, due to lower inflation in furniture and personal care products.
Higher housing rents and maintenance fees pushed accommodation inflation to 0.8 per cent in July, from 0.6 per cent in June.
Services inflation rose to 1.7 per cent in July, from 1.5 per cent in June, as airfares and point-to-point transport services prices increased at a quicker pace.
