Singapore Inflation June 2022

Singapore

Singapore: Inflation accelerates in June

July 25, 2022

Consumer prices jumped 1.00% in June over the previous month, following the 0.99% increase logged in May. June’s increase came amid higher price pressures for food and transport.

Inflation came in at 6.7% in June, up from May’s 5.6%. May's figure marked the highest inflation rate since September 2008. Meanwhile, the trend pointed up, with annual average inflation coming in at 4.2% in June (May: 3.8%). Lastly, core inflation rose to 4.4% in June, from May’s 3.6%.

Commenting on the outlook,

“Going forward, we expect headline inflation to pick up as global energy prices rebound, the impact of government support measures on certain fees/charges fades, and given the low base in 2020. However, the overall inflation trajectory should remain quite subdued and significantly below the historical average given the substantial widening in the output gap, weak labor market conditions and downward pressures on rents.”

FocusEconomics Consensus Forecast panelists expect inflation to average 3.4% in 2022, which is up 0.6 percentage points from the previous month’s forecast. In 2023, our panel expects average inflation of 2.1%.


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