story
SGD
Singapore’s July Inflation Accelerates to Near Two-Year High, Undershoots Forecasts
Published Aug 24, 07:03 UTC
Impact
7/ 10, medium
SGD coverage tone
+0.2slightly positive
Corroboration
3independent organizations
Market reaction
Live, FXC rate feed
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Change measured from story publish at 07:03 UTC, from our own MT4 feed.
- Singapore July CPI rose 2.2% year-on-year, a near two-year high.
- Inflation missed expectations of 2.3%.
- Driven by higher utility bills and global energy prices.
Singapore’s consumer price inflation accelerated for the second consecutive month in July, reaching a near two-year high. The Consumer Price Index (CPI) climbed 2.2% year-on-year, an increase from 1.9% in June. This figure, however, undershot economists’ expectations of a 2.3% rise. Core inflation also surged, primarily driven by higher utility bills reflecting elevated global energy prices. On a month-over-month basis, the CPI experienced a 0.2% decline. The Monetary Authority of Singapore (MAS) had previously tightened its monetary policy in a surprise move during July.
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