---
title: "Core and headline inflation rise but remain below economist estimates in July; electricity prices rise sharply"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/296738146.md"
description: "Singapore's core and headline inflation rose to 2% and 2.2% in July, respectively, remaining below economist estimates. The increase was driven by sharp rises in electricity prices, alongside higher costs for services, food, and accommodation. Despite elevated global energy prices and volatile oil markets, MAS and MTI maintained their 2026 full-year inflation forecast range at 1.5-2.5%."
datetime: "2026-08-24T05:02:31.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/296738146.md)
  - [en](https://longbridge.com/en/news/296738146.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/296738146.md)
generator: "portal-rs"
---

# Core and headline inflation rise but remain below economist estimates in July; electricity prices rise sharply

\[SINGAPORE\] Core and headline inflation pick up but stay under economist estimates in July, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on Monday (Aug 24).

Core inflation, which excludes accommodation and private transport, rose to 2 per cent in July from June’s 1.6 per cent. Still, it was below the median 2.2 per cent predicted in Bloomberg’s poll of private sector economists.

This was largely due to higher inflation for electricity and gas, services and food, the authorities said.

Meanwhile, headline inflation picked up to 2.2 per cent in July from the preceding month’s 1.9 per cent. The reading also came in under the median economists estimate of 2.4 per cent.

This was driven by an increase in accommodation inflation alongside higher core inflation.

On a month-on-month basis, the core consumer price index (CPI) was up 0.3 per cent, while the all-items CPI fell by 0.2 per cent.

MAS and MTI maintained their 2026 full-year forecast range for both core and headline inflation at 1.5 to 2.5 per cent.

“Elevated global energy prices have led to increases in Singapore’s electricity and gas tariffs and higher transportation fares,” they noted.

“Global oil prices remain high and volatile while adverse weather conditions are expected to lower agricultural yields and raise Singapore’s imported food prices,” they added.

“As higher input costs pass through global supply chains, the prices of a wider range of Singapore’s imported goods and services are expected to pick up in the quarters ahead.”

## Key CPI categories

In July, inflation trends across CPI categories were mixed.

Electricity and gas prices reversed the decline in June to post a large increase, mainly reflecting a sharp rise in electricity prices. It recorded a 8.7 per cent increase in July, compared with a 2.9 per cent fall in June.

Services inflation rose to 1.7 per cent in July from 1.5 per cent in June, as airfares and point-to-point transport services prices increased at a quicker pace.

Accommodation inflation picked up to 0.8 per cent from 0.6 per cent due to larger increases in housing rents and maintenance fees.

Food inflation edged up to 2.2 per cent from June’s 2.1 per cent as the prices of food services and non-cooked food increased at a faster pace.

Retail and other goods inflation eased to 1.4 per cent in July, from 1.7 per cent previously, due to lower inflation in furniture and personal care products.

Private transport inflation slowed to 8 per cent, from 8.4 per cent, as the pace of increase in petrol and diesel prices moderated.

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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**