Singapore July inflation surpasses pre-pandemic levels

FILE PHOTO: A woman pushes a shopping cart at a supermarket in Singapore May 3, 2016. REUTERS/Edgar Su

SINGAPORE (Reuters) – Singapore’s key price gauge in July rose by its fastest pace in over two years, surpassing pre-pandemic levels, due to higher electricity and gas costs driven by a hike in global oil prices, official data showed on Monday.

The core inflation rate — the central bank’s favoured price measure – rose 1% in July from a year earlier, in line with the forecast from a Reuters poll of economists. The core price increment is the highest since June 2019, when it rose 1.2%.

Singapore’s headline consumer price index (CPI) rose slightly to 2.5% in July year-on-year, from 2.4% in June.

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