Singapore inflation July 2022

Inflation was 7.0% in July, up from 6.7% in June. July recorded the highest inflation rate since June 2008. Meanwhile, the trend is up, with average annual inflation reaching 4.5% in July (June: 4.2%). Finally, core inflation rose to 4.8% in July from 4.4% in June.

Meanwhile, consumer prices rose 0.15% in July from the previous month, after the 1.00% increase recorded in June.

Members of the FocusEconomics Consensus forecast committee expect inflation to average 3.4% in 2022, 0.6 percentage points higher than the previous month’s forecast. In 2023, our group expects an inflation rate of 2.1%.

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