SINGAPORE, July 25 — The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Monday that the MAS core inflation on a year-on-year basis rose to 4.4 per cent in June from 3.6 per cent in the previous month, reported Xinhua.
Meanwhile, the CPI-All Items inflation rose to 6.7 per cent year on year in June from 5.6 per cent in May.
Singapore’s MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index (CPI) for all items.
According to MTI and MAS, the increase in core inflation this June reflected stronger price increases across the broad categories of services, food, retail and other goods, as well as electricity and gas.
The CPI-All Items inflation picked up due to the rise in core inflation, as well as higher private transport and accommodation inflation.
On a month-on-month basis, Singapore’s core CPI and CPI-All Items increased by 0.7 per cent and 1 per cent, respectively.
The two authorities said that Singapore’s inflationary pressures will remain elevated in the months ahead, with the MAS core inflation projected to peak in the third quarter before easing towards the end of the year. For the full year, Singapore’s CPI-All Items inflation is expected to come in at 5-6 per cent, while MAS core inflation is projected to average 3-4 per cent.
“However, there remain upside risks to inflation from fresh shocks to global commodity prices, as well as domestic wage pressures,” they added.
— Bernama
