Singapore’s Core Inflation Surges Nearly 5% in July on Rising Food, Energy Prices

Singapore’s core inflation rate reached a record high of 4.8% in July, the second consecutive month that it topped the 4% rate last seen during the global financial crisis, according to official data released on Tuesday. The increase was driven mostly by higher increases in food, energy, and gas prices.

This is above the 4.4% increase seen in June and the 4.7% growth predicted by Reuters.

Meanwhile, headline inflation in July — which includes housing and transportation costs—was in line with economists’ predictions, coming in at 7% after rising to 6.7% in June.

In spite of this, both the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) have stuck with their revised full-year projections in July of 3–4% for core inflation and 5%–6% for headline inflation for the full year.