Core inflation rises to 2.2% YoY in August

Headline inflation edged up to 2.3% from 2.2% in July.

Singapore’s core inflation rose to 2.2% year-on-year in August, up from 2% in July, as costs increased across services, food, and retail and other goods.

On a month-on-month (MoM) basis, core prices edged up by 0.3%, according to data from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

Services inflation rose to 2% in August from 1.7% amidst faster increases in airfares and point-to-point transport services.

Retail and other goods inflation grew to 1.8% from 1.4%, due to higher inflation in clothing and footwear and personal care products.

Food inflation also climbed to 2.3% from 2.2%, as higher food services inflation outweighed slower non-cooked food inflation.

CPI-All Items inflation rose to 2.3% from 2.2% in July. The increase was attributed to higher core inflation, which more than offset lower private transport inflation.

On a MoM basis, headline prices inched up by 0.6%.

Private transport inflation eased to 7.5% from 8.0% due to a smaller increase in car prices, whilst accommodation inflation remained unchanged at 0.8%.

The MAS and MTI maintained their forecast for both core and headline inflation to average 1.5% to 2.5% this year.

Meanwhile, core inflation is expected to remain elevated into 2027 before moderating more noticeably from around mid-year as global energy prices ease.

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