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On August 23, 2023, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) released the latest Consumer Price Index (CPI) report, indicating that core inflation, which excludes private transport and accommodation costs to better reflect the expenses of Singapore households, dropped to 3.8% year on year in July from 4.2% in June.
Headline inflation, or the overall consumer price index (CPI), also eased to 4.1 per cent from 4.5 per cent in June, led partly by lower private transport inflation.
MAS and MTI maintained their forecasts for overall inflation for 2023 at between 4.5% and 5.5%, while core inflation was pegged at between 3.5% and 4.5%.
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