Singapore’s core inflation rate, excluding volatile items, fell to 2.9% year-on-year in June, its lowest reading in over two years. This figure is lower than economists’ forecasts of 3.0% and marks a significant decrease from the 3.1% seen in April and May. The headline inflation rate also eased to 2.4%, its lowest annual level since August 2021. The Monetary Authority of Singapore (MAS) is expected to maintain its current monetary policy stance at its review on Friday, given the cooling inflation trends. The MAS forecasts core inflation to continue easing and reach around 2% by 2025, while full-year economic growth is expected to be closer to the potential rate of 2%-3%. The decline in inflation brings some relief to consumers and businesses, indicating a favorable economic outlook.
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