July inflation rises to 2.2% YoY on higher transport, utility costs

The CPI fell 0.2% month-on-month during the period.

Singapore’s consumer price index (CPI) rose 2.2% year-on-year (YoY) in July, up from 1.9% in June, as inflation picked up across transport, electricity, accommodation, and food.

The CPI fell 0.2% month-on-month (MoM) in July, data from the Singapore Department of Statistics and the Monetary Authority of Singapore (MAS) showed.

Transport recorded the highest inflation amongst the major expenditure divisions, with prices climbing 7.9%. Private transport costs rose 8%, whilst land transport services increased 7.7%.

Utilities and other fuels rose 6.1% YoY and 7.1% MoM, due to a sharp increase in electricity prices.

The regulated electricity tariff increased in July after global energy prices rose between April and mid-June.

Singapore sets the regulated electricity tariff for each quarter based on average natural gas prices during the first two and a half months of the preceding quarter, amongst other factors.

The increase in the third-quarter tariff reflected a spike in global energy prices from April to mid-June.

MAS core inflation, which excludes private transport and accommodation costs, rose to 2% in July from 1.8% in June.

Food inflation grew to 2.2% YoY, whilst food excluding food and beverage serving services rose 3.2% and food and beverage serving services increased 1.8%.

Accommodation inflation reached 0.8%, whilst healthcare costs rose 3.3%.

Information and communication recorded a 4% decline, whilst education prices fell 0.9%.

For January to July, CPI-All Items increased 1.7% from the same period a year earlier. MAS core inflation rose 1.5% over the same period.

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