Singapore inflation hits highest in nearly two years, but undershoots expectations
Consumer prices rose 2.2% last month, compared with the 2.3% expected by economists polled by Reuters
TL;DR
- Singapore's inflation rate hit 2.2% year-on-year in July, a near two-year high.
- This figure undershot the 2.3% expected by economists polled by Reuters.
- Higher energy prices, influenced by the Iran war, have led to increased electricity and gas charges.
- Transportation fares have also risen due to elevated global energy prices.
- The Monetary Authority of Singapore (MAS) had previously warned of rising imported inflation.
- Singapore has implemented two support packages totaling S$2 billion in response to the Iran war.
- The country has significantly upgraded its GDP growth forecast for 2026 to 4.5%-5.5%.