Singapore recorded a year-on-year increase of 4.8% in July core inflation, compared to the 4.4% rate in June, according to the country’s Ministry of Trade and Industry (MTI).
Singapore's July core inflation rose 4.8% from the same period last year. (Illustrative photo: Xinhua/VNA)
Hanoi (VNA) – Singapore recorded a year-on-year increase of 4.8% in July coreinflation, compared to the 4.4% rate in June, according to the country’s Ministryof Trade and Industry (MTI).
The consumer price index (CPI) lastmonth also grew 7% from a year earlier, compared to 6.7% in June.
In the city state, core inflationexcludes accommodation and private transport costs, while CPI-All Itemsreflects the growth trend in prices of all commodities.
The MTI and the Monetary Authority ofSingapore (MAS) said the pickup in core inflation in July was mainly driven by increases in food, electricity andgas prices.
On amonth-on-month basis, core inflation and CPI of all items increased by 0.6% and0.2%, respectively.
The two authorities said fresh shocks to global commodityprices, as well as domestic wage pressures, remain as upside risks toinflation.
Deputy Prime Minister and FinanceMinister Lawrence Wong forecast inflation will reach its peak in the next two -four months and then gradually decline./.
Singapore's job market continued its recovery in the second quarter of this year, according to advance estimates released by the Ministry of Manpower (MOM).
Inflation in Singapore is expected to peak in the next two to four months and will start to ease thereafter, Deputy Prime Minister and Finance Minister Lawrence Wong has said.
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Singapore's July core inflation rose 4.8% from the same period last year. (Illustrative photo: Xinhua/VNA) 
