Singapore's August core inflation climbs to 2.2% amid rising service and food prices

In August, Singapore's core consumer price index rose to 2.2% year-on-year, up from 2% in July and in line with the median poll. The increase was led by higher costs in services, retail items and food, while headline inflation, which also captures accommodation and private transport, edged higher to 2.3% from 2.2% the month before. The Monetary Authority of Singapore and the Ministry of Trade and Industry attributed the rise to higher global energy prices that have pushed electricity, gas tariffs and transport fares upward, and warned that a broader range of imported goods could keep price pressures alive in coming quarters.

Electricity and gas prices were up 8.7% YoY, food services inflation rose to 2.3%, retail prices jumped 1.8%, and services prices increased 2%. Accommodation inflation stayed at 0.8% and private-transport inflation eased to 7.5%. Regional inflation figures showed similar or higher rates in Malaysia, Thailand, Indonesia and Vietnam, though OCBC economists noted limited pass-through from oil price hikes due to subsidies and price controls.