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Singapore's core inflation rose to 2% in July, driven by a sharp rebound in utility prices and rising food costs.

Singapore's core inflation reached 2% in July, which was lower than the 2.2% median estimate from economists. This rise was primarily driven by a sharp rebound in electricity and gas tariffs, which saw a significant increase due to high global energy prices and disruptions in the Middle East. While overall inflation rose to 2.2% year-on-year, core inflation—which excludes private transport and accommodation—rose from 1.6% in June. The Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) noted that high oil prices and adverse weather conditions are expected to continue to pressure imported food prices and other goods. To counter these pressures, the MAS tightened monetary policy in July by increasing the appreciation pace of the Singapore dollar's policy band. The government has also rolled out support packages totaling 2 billion Singapore dollars to assist households and companies with the rising costs of living.

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