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Financial News: Singapore Inflation Increases In July

Singapore Inflation Increases In July

08/23/2021 - 03:58:00 (RTTNews)

(RTTNews) - Singapore's consumer prices increased marginally in July, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index rose 2.5 percent year-on-year in July, following a 2.4 percent increase in June. This was in line with economists' expectation.

This latest consumer prices outcome was largely due to a rise in prices for core inflation and accommodation cost.

MAS core CPI, which excludes costs of accommodation and private road transport, increased 1.0 percent annually in July, following a 0.6 percent increase in the preceding month.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices and cost of intermediate goods to final consumer prices.

Domestic cost pressures are expected to stay higher, while wage growth and commercial rent are expected to stay low.

For 2021, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is expected to come between 1-2 percent.

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