SINGAPORE – Singapore’s core inflation hit 4.4% in June, an increase of 0.8% from the 3.6% previously reported in May of this year.
According to news outlet Xinhua, Singapore’s Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) announced that the CPI-All items inflation had also increased from 5.6% in May to 6.7% in June of 2022.
The core inflation for Singapore’s MAS does not include the costs of accommodation and private transport while on the other hand, the CPI-All items inflation represents the increase in the consumer price index (CPI) for all items.
Both the MTI and MAS stated that the rise in core inflation for the month of June was a reflection of stronger price increases across the various categories including services, food, retail and other goods, as well as gas and electricity.
Meanwhile, the rise in core inflation and inflation for the private transport and accommodation sector resulted in the increase of CPI-All items inflation rate.
According to the information provided in the report, Singapore’s core CPI and CPI-All items had respectively increased by 0.7% and 1% from the previous month.
The MTI and MAS both added that they anticipate Singapore’s inflationary pressures to remain elevated over the next few months. The MAS core inflation is projected to reach its highest point in the third quarter of 2022, and it is expected to ease towards the end of the year.
Overall, the inflation for Singapore’s CPI-All items is projected to be around the range of 5% to 6% for the full year. The MAS core inflation is expected to average at 3% to 4%.
Both authorities stated that there are still upside risks to inflation as a result from fresh shocks to the worldwide commodity prices and the wage pressures experienced domestically.
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