SINGAPORE, Sept. 23 (Xinhua) -- Singapore's core inflation rose to 2.2 percent year on year in August from 2 percent in July, reflecting higher services, retail and other goods, and food prices, official data showed Wednesday.
On a month-on-month basis, core prices rose by 0.3 percent in August, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry said in a joint statement.
Consumer Price Index (CPI)-all items inflation also increased to 2.3 percent from 2.2 percent, driven by higher core inflation, which more than offset lower private transport inflation.
On a month-on-month basis, CPI-all items inflation rose 0.6 percent in August.
Elevated global energy prices have pushed up electricity and gas tariffs as well as transportation fares, while adverse weather conditions are expected to reduce agricultural yields and raise imported food prices, according to the statement.
Higher input costs are also expected to feed through global supply chains, lifting prices of a wider range of imported goods and services in the coming quarters.
MAS core inflation and CPI-all items inflation are projected to average 1.5 percent to 2.5 percent in 2026.
Core inflation is expected to remain elevated into 2027 before moderating more noticeably from around mid-2027, alongside an expected easing in global energy prices. Risks to the outlook remain tilted to the upside.
"Renewed disruptions in global energy supplies or worse-than-expected weather conditions could raise Singapore's imported costs by more than anticipated," said the statement. ■
