Iggy's Journal: Inflation Ticked Up in July, But It's the Fine Print That Actually Caught My Eye

24 August 2026, PM

Market Data:

Core inflation rose to 2.0 percent in July from June's 1.6 percent, driven mainly by electricity, gas, services and food. Headline inflation rose to 2.2 percent from 1.9 percent. Both came in under what economists had forecast. Electricity and gas prices reversed a June decline to jump 8.7 percent in July, the single biggest mover in the release. MAS and MTI held their full-year 2026 forecast range unchanged at 1.5 to 2.5 percent for both measures, but the wording around the risks changed. Global energy and volatile oil prices, adverse weather hitting food imports, and wider pass-through into imported goods were all flagged as upside pressures still building.

My Personal Take:

The number itself isn't the part I'd sit with. It came in under forecast, and it's still comfortably inside the range MAS has held all year. What actually caught my attention is how the language shifted without the range itself moving, from energy costs merely "could further raise" prices to now "by more than anticipated." That's MAS quietly getting less confident about the ceiling holding, even while keeping the official number the same. For anyone on a fixed income or drawing down CPF, electricity alone jumping 8.7 percent in a single month is the kind of thing that erodes a household budget faster than a headline CPI print suggests. Worth watching whether October brings an actual policy response to match that more cautious tone, or whether this stays words only.

Not financial advice. Iggy's Forensic Compliance Standards apply.

https://www.businesstimes.com.sg/singapore/economy-policy/ndr-2026-singapore-wisely-says-no-tech-techs-sake?ref=home-grouped-story-1

Cheers, Iggy 🦖