Singapore July Inflation Hits 2.2% as Iran War Energy Costs Lift Prices

1 articles · Updated · CNBC · Aug 24

Singapore’s consumer prices rose 2.2% year on year in July, up from 1.9% in June and the fastest pace in nearly two years, though still below the 2.3% Reuters poll forecast.
Energy drove the pickup: authorities said elevated global oil prices linked to the Iran war raised electricity and gas charges and pushed transportation fares higher, even as headline CPI fell 0.2% month on month.
Core inflation climbed to 2.0% from June but also undershot expectations of 2.2%, while MAS and the trade ministry warned high oil prices, adverse weather and costlier imported goods could keep price pressures building.
The data follows MAS’s surprise July tightening and comes after Singapore unveiled about S$2 billion in Iran-war support measures, even as it raised its 2026 GDP growth forecast to 4.5%-5.5% from 2%-4%.