SINGAPORE: In June, core inflation in Singapore fell to 2.9% annual growth, the lowest level over two years. June’s figure was slightly lower than the 3.0 percent forecast in a Reuters poll of economists and a decline from May’s 3.1%, but it was equal to the core inflation recorded in March 2022.
Data released on Tuesday (Jul 23) by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) showed that the decline was primarily caused by lower inflation for retail and other goods and services.
Core inflation, which does not include lodging and private transportation, remained constant month over month from May. On a year-over-year basis, headline inflation in May decreased to 2.4% in June from 3.1% in the previous month. The slowdown was mainly due to a decline in private transport costs and lower core inflation,” both MAS and MTI stated.
While the prices of clothing and footwear fell more sharply, the prices of medicines, health products, and personal effects recorded smaller increases, causing retail and other goods inflation to drop to 0.5% from 1.5% in May.
According to MAS and MTI, services inflation decreased to 3.4% in June from 3.6% in May because of the “slower pace of increase in the cost of hospital services and holiday expenses.”
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