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Singapore’s overall inflation edges up to 0.6% in July

Singapore’s overall inflation edges up to 0.6% in July

SINGAPORE: Singapore’s overall consumer price index (CPI) edged up to 0.6 percent year on year in July, from 0.5 percent in June, according to local authorities. The higher inflation was mainly contributed by higher retail and water prices in July, said the statement jointly released by the Ministry of Trade and Industry and Monetary Authority of Singapore (MAS) on Wednesday. The retail and water prices in Singapore rose by 1.2 percent, reversing the 0.2 percent decline in June. Meanwhile, private road transport inflation also came in higher at 3.5 percent in July, compared to 3.0 percent in June, mainly due to a smaller decline in car prices.

Services inflation rose slightly to 1.4 percent in July from 1.3 percent in the previous month, largely reflecting an increase in telecommunication services fees following price declines in June. Food inflation was stable at 1.4 percent in July. The cost of electricity and gas rose by a smaller 7.9 percent in July, compared to the 19.1 percent increase in June. The price of accommodation fell by a steeper 4.1 percent in July, compared to the 3.9 percent decline in the preceding month, owing to a smaller increase in the cost of housing maintenance and repairs. In July, the MAS core inflation of Singapore picked up to 1.6 percent year on year as compared with 1.5 percent in June, due largely to higher prices of water, retail and services.