The Magazine for Asian Investors
The Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) announced that their core consumer price index (CPI) rose to 4.8% year-on-year from 4.4% the previous month. In June, the general consumer price index (CPI-All Items) rose to 7% year-on-year from 6.7% the previous month.
The core CPI does not include prices in the private housing and transport categories.
The increase in the core CPI in July was due to rising food inflation, according to the report.
The overall CPI increased in line with core inflation, which includes private transport and housing inflation.
On a month-on-month basis, the core CPI increased by 0.6% and the headline CPI by 0.2% in July.
MAS and MTI expect core inflation to rise in the coming months before moderating toward the end of the year.
For 2022 as a whole, the consumer price index is expected to settle in a range of 5% to 6%, while core inflation is expected to average 3% to 4%.
In addition, both agencies stressed that panic over global commodity prices and domestic wage pressures continue to pose upside risks to inflation.