NewsBite analysis · Business
CNBC
Singapore inflation hits highest in nearly two years, but undershoots expectations
Singapore's inflation reached 2.2% year-on-year in July, the highest rate in nearly two years, though it fell short of expectations set at 2.3%. This increase is attributed to higher electricity and gas charges due to rising global energy prices amid the ongoing Iran war, which have also impacted transportation fares. The Monetary Authority of Singapore is addressing imported inflation through policy adjustments, following an unexpected tightening of monetary policy in July. There is concern about a future rise in prices of imported goods and services due to high global oil prices and adverse weather conditions affecting agricultural yields.
MonitorConfidence: MediumShort term horizon
Published 24 Aug 2026, 05:55 UTC1 min read
Visit original article ↗Lead image — CNBC
Summary
TL;DR
- Inflation in Singapore rose to 2.2% in July, highest in nearly two years.
- Expected inflation was 2.3%, indicating a miss in forecasts.
- Higher energy prices from the Iran war are driving increased costs.
- Core inflation rose to 2%, slightly below expectations of 2.2%.
- The Monetary Authority of Singapore plans to address rising imported inflation.
Interesting facts
- Singapore's GDP forecast for 2026 has been sharply upgraded.
- Support packages totaling about 2 billion SGD were rolled out to aid households and companies.