Singapore core inflation hits 13-year high

Singapore’s consumer price index is up. The country’s core inflation hit a 13-year high in July. Core inflation is calculated excluding food and fuel which are volatile in the market. This rising trend in inflation has increased pressure on the central bank to tighten monetary policy. News Straits Times.

The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said in a statement that food, electricity and gas prices contributed the most to inflation. Core inflation rose to 4.8 percent last month. Analysts polled by Reuters had forecast 4.7 percent.

The overall consumer price index rose 7 percent last month compared to the same period in 2021. Core and headline inflation rates were 4.4 and 6.7 percent respectively in June.

Following the high inflation figures, three economists said the MAS would tighten monetary policy in a statement scheduled for next October. But it is unlikely to tighten policy indefinitely before then.

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