Aug 23, 2022 02:25AM ET
By: AnalysisWatch
Singapore's core consumer price index rose again in July at the fastest pace in 13 years, according to official data on Tuesday, adding to pressure on the central bank to consider tightening policy further this year.
The rise in inflation was mainly due to stronger increases in food, electricity and gas prices, the Monetary Authority of Singapore and the Ministry of Trade and Industry said in a statement.
Core inflation, the central bank's preferred price gauge, rose to 4.8% year-on-year in July. A Reuters poll of economists had forecast a 4.7 per cent rise.
Headline inflation rose to 7 percent, matching economists' forecasts.
In June, core inflation was 4.4% and headline inflation was 6.7%.
Three economists said they expected the IMF to tighten monetary policy in its planned October statement, but added that the likelihood of further tightening outside the cycle before that date was small.
Singapore's central bank has tightened monetary policy three times this year, including two surprise moves in January and July. It usually issues two planned monetary policy statements a year, in April and October.
The MAS forecast for core inflation this year is between 3% and 4%, while headline inflation is expected to be between 5% and 6%.