Singapore recorded a year-on-year increase of 4.8% in July core inflation, compared to the 4.4% rate in June, according to the country’s Ministry of Trade and Industry (MTI)
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Singapore's July core inflation rose 4.8% from the same period last year. (Illustrative photo: Xinhua/VNA)
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The consumer price index (CPI) last month also grew 7% from a year earlier, compared to 6.7% in June.
In the city state, core inflation excludes accommodation and private transport costs, while CPI-All Items reflects the growth trend in prices of all commodities.
The MTI and the Monetary Authority of Singapore (MAS) said the pickup in core inflation in July was mainly driven by increases in food, electricity and gas prices.
On a month-on-month basis, core inflation and CPI of all items increased by 0.6% and 0.2%, respectively.
The two authorities said fresh shocks to global commodity prices, as well as domestic wage pressures, remain as upside risks to inflation.
Deputy Prime Minister and Finance Minister Lawrence Wong forecast inflation will reach its peak in the next two - four months and then gradually decline./.