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Singapore Core Inflation Accelerates to 1.6% in June on Higher Food, Services Prices

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Singapore Core Inflation Accelerates to 1.6% in June on Higher Food, Services Prices

Singapore's core consumer price index rose 1.6% year over year in June, faster than the 1.4% annual growth in May, according to joint data released Thursday by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

The core reading, which excludes accommodation and private transport costs, aligned with the consensus forecast tracked by Investing.com. On a month-over-month basis, core CPI inched up 0.1%.

Food inflation increased to 2.1% from 1.8% in the previous month, while services picked up to 1.5% in June from 1.3% in May, and retail and other goods rose to 1.7% from 1.6%.

Headline inflation, or CPI-All Items, accelerated to 1.9% in June from 1.8% in May, but missed the consensus forecast of 2.0%.

MAS Core Inflation and CPI-All Items inflation are projected to average between 1.5% and 2.5% in 2026 on the heels of higher global energy prices.

Inflation outlook risks are skewed to the upside as a slower resumption of global energy supplies could increase import costs for Singapore, the ministries said.

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