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

SINGAPORE: Singapore’s key consumer price gauge rose 2.2% 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% in a Reuters poll and July’s reading of 2.0%.

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

Headline inflation was 2.3% 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.

Singapore April core inflation rises 3.3%, fastest in a decade

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