Singapore core inflation at 2.0% year-on-year in July, lower than expected
SINGAPORE, Aug 24 (Reuters) – Singapore’s key consumer price gauge rose 2.0% in July from a year earlier, official data showed on Monday.
The core inflation rate, which excludes private road transport and accommodation costs, was lower than the median forecast of 2.2% in a Reuters poll.
Headline inflation was 2.2% in annual terms in July, lower than the poll forecast of 2.3%.
The central bank had previously flagged that inflation is expected to pick up from July and to stay elevated through the first half of next year.
Earlier this month, the trade ministry raised its growth forecast to 4.5%-5.5% this year, up from 2.0%-4.0%, after second-quarter GDP expanded 5.9% from a year earlier.
The central bank unexpectedly tightened monetary policy in late July, citing persistent inflationary risks amid elevated energy cost pressures caused by the Middle East conflict.
