Singapore Inflation Hits Highest in Nearly Two Years, But Undershoots Expectations
Singapore experienced its highest inflation rate in nearly two years in July, reaching 2.2% year-on-year. This figure, however, was slightly lower than the 2.3% anticipated by economists polled by Reuters and the 1.9% recorded in June. On a monthly basis, the consumer price index saw a 0.2% decrease.
The surge in prices is attributed to elevated global energy costs, which have consequently driven up electricity and gas charges in Singapore, as well as transportation fares. This is according to a joint statement from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry. The statement further noted that high and volatile global oil prices, coupled with anticipated adverse weather conditions impacting agricultural yields, are expected to lead to higher imported food prices and an overall increase in the cost of imported goods and services.
In response to these trends, the MAS had previously tightened its monetary policy in a surprise move in July, warning of rising imported inflation in the coming quarters due to increased fuel and electronic input costs.
Core inflation, which excludes private transport and accommodation costs, also rose to 2%, falling short of the 2.2% forecast.
In parallel, Singapore has implemented two support packages, totaling approximately S$2 billion, to mitigate the impact of global events, including cash handouts, consumption vouchers, and tax rebates for companies.
The inflation figures emerge as Singapore significantly upgraded its GDP forecast for 2026, now expecting growth between 4.5% and 5.5%, more than double its previous lower-end forecast of 2%-4%.
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