Singapore’s central bank (Monetary Authority of Singapore) tightened its monetary policy for the second consecutive time by raising very slightly the appreciation rate of the Singapore dollar against a basket of currencies, with a smaller adjustment than in April. Core inflation reached 1.6% in June, up from 1.4% in May, while headline inflation stood at 1.9%, within the lower end of the MAS’s 1.5% to 2.5% forecast range. Rapid increases in fuel prices driven by the U.S.-Iran conflict are fueling imported inflationary pressures, which are expected to pass through to broader consumer prices with a lag in the coming months. Softer services inflation, particularly in healthcare, communications, and education, has however helped offset much of the upward pressure on prices.
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