Financial News: Singapore Inflation Climbs To 2.2%, Highest In Nearly

Singapore Inflation Climbs To 2.2%, Highest In Nearly 2 Years

(RTTNews) - Singapore's consumer price inflation increased for the second straight month in July to the highest level in nearly two years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index, or CPI, climbed 2.2 percent year-over-year in July, faster than the 1.9 percent rise in June.

Further, this was the highest inflation rate since August 2024, when prices had risen the same 2.2 percent.

MAS core inflation also accelerated to 2.0 percent in July from 1.6 percent in June, led by higher costs for utilities and food.

Electricity and gas prices surged 8.7 percent annually in July, reversing a 2.9 percent decline in June. Services inflation rose to 1.7 percent from 1.5 percent due to larger increases in airfares and point-to-point transportation services prices.

Accommodation costs also grew at a faster pace of 0.8 percent versus 0.6 percent a month ago, and food inflation edged higher to 2.2 percent from 2.1 percent. On the other hand, private transport inflation eased from 8.4 percent to 8.0 percent as the pace of increase in petrol and diesel prices moderated.

Looking ahead, Singapore's import prices are expected to pick up as global oil prices remain high and volatile while adverse weather conditions are expected to lower agricultural yields. Meanwhile, domestic unit labor costs in the services sector are likely to rise at a slower pace amid sustained productivity growth and moderating nominal wage growth.

Core inflation and CPI-all-items inflation are currently projected to average 1.5-2.5 percent in 2026, the MAS said.

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