- Core inflation in Singapore decreased to 2.5% in July 2024.
- CPI-All Items inflation stayed at 2.4%.
- Private transport costs rose, while accommodation costs fell slightly.
Singapore’s inflation rates showed changes in July 2024, with some costs going up and others going down.
Key Terms Simplified
- Core Inflation measures price changes for most things we buy, leaving out big changes in rent and car costs.
- CPI-All Items measures price changes of a fixed basket of typical household goods and services over time.
Singapore’s Inflation Rates in July 2024
In July 2024, Singapore saw changes in its inflation rates.
The Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) shared this news on 23 August 2024.
Core inflation went down to 2.5% from 2.9% in June.
This means prices of everyday items went up, but not as much as before.
CPI-All Items inflation stayed the same at 2.4%.
| Inflation Type | July 2024 Rate | Change from June |
|---|---|---|
| Core Inflation | 2.5% | Decreased |
| CPI-All Items | 2.4% | No change |
Changes in Different Areas
Private transport costs went up from -0.7% in June to 0.9% in July.
This means using your own car or taking a taxi got more expensive.
Housing costs went down a bit, with rents going up only a little.
Food prices also went down slightly.
This was because non-cooked food and eating out became a bit cheaper.
What MAS Expects for the Future
MAS thinks core inflation will keep going down slowly until the end of 2024.
They predict it will be between 2.5% and 3.5% on average for 2024.
According to the report, “All in, MAS Core Inflation is expected to stay on a gradual moderating trend over the rest of the quarter and step down further in Q4 2024.”
Reasons for Changes in Inflation
- Stable global energy prices
- Steady food prices around the world
- Stronger Singapore dollar
These factors help keep prices from going up too fast in Singapore.
Things That Could Change Inflation
The report states, “Risks to the inflation outlook remain.”
MAS warns that some things could make prices go up more than expected.
If more people get jobs and wages go up quickly, it could lead to higher prices.
Things like world problems or bad weather could also affect prices in Singapore.
What This Means for You
If you’re buying a car, it might cost more now than a few months ago.
But food and housing might not be much more expensive than before.
MAS will keep watching prices to make sure they don’t go up too fast.
They might change some rules if needed to keep prices stable.
MAS and MTI will keep checking inflation rates to help keep prices steady for everyone in Singapore.
