Economic Buzz: Singapore Inflation Rises In June

25 Jul 2022 , 01:11 PM

Singapore consumer price inflation accelerated more-than-expected in June to reach its highest level in nearly fourteen years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed. Consumer prices increased 6.7 percent year-on-year in June, following a 5.6 percent rise in May. Moreover, this was the strongest inflation rate since September 2008, when prices had grown 6.8 percent. The latest upward trend in inflation was mainly caused by increased costs for private transport, services, food and retail and other goods. Food prices were 5.4 percent higher in June compared to last year, and costs for clothing and footwear rose 5.5 percent. MAS core inflation rose to 4.4 percent in June from 3.6 percent in the previous month. On a monthly basis, consumer prices rose 1.0 percent in June and the core CPI increased 0.7 percent. Core inflation is forecast to increase to a peak in Q3 before easing towards the end of the year. For 2022 as a whole, overall inflation is forecast to come within 5.0-6.0 percent, while MAS core inflation is projected to average 3.0-4.0 percent.Powered by Commodity Insights