SINGAPORE: Singapore’s core inflation continued its downward trend, falling to 3.8 per cent year-on-year in July, the lowest level in more than a year. The decline from 4.2 per cent in June was due to a smaller increase in food prices and a fall in electricity and gas costs, said the Ministry of Trade an
Core inflation excludes accommodation and private transport costs.
"This reflected lower private transport inflation, in addition to the decline in core inflation,” said MTI and MAS. For 2023 as a whole, headline inflation is expected to average 4.5 to 5.5 per cent, while core inflation is expected to come in at 3.5 to 4.5 per cent. Excluding the transitory effects of the one percentage point increase in the Goods and Services Tax , headline and core inflation are expected to come in at 3.5 to 4.5 per cent and 2.5 and 3.5 per cent, respectively.
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