Singapore's core inflation rate rises to 2.2pc in August, above forecast

Singapore's key consumer price gauge rose 2.2 percent in August from a year earlier, the highest rate in almost two years, official data showed on Wednesday.

The core inflation rate, which excludes private road transport and accommodation costs, was higher than both the median forecast of 2.1 percent in a Reuters poll and July's reading of 2.0 percent.

It was the highest rate since September 2024, when core inflation was 2.8 percent.

Headline inflation was 2.3 percent in annual terms in August, matching the poll forecast.

The central bank has previously said it had expected inflation to pick up from July and to stay elevated through the first half of next year. It tightened monetary policy in late July, citing inflation risks from high energy prices.

In August, the trade ministry raised its growth forecast for 2026 to 4.5 percent to 5.5 percent, from 2.0 percent to 4.0 percent.

Reuters

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