Singapore records core inflation of 7%

Singapore’s key consumer price measure increased again in July as the core inflation rate of the central bank price rose to 4.8 percent in July on a year-on-year basis, official data showed on Tuesday.

The growth considers its fastest rate from 13 year, swelling pressure on the central bank to consider another policy strengthening later this year, according to CNBC.

The altitude in inflation has mostly driven by stronger increases in the prices of food, electricity and gas, the Monetary Authority of Singapore (MAS)and the Ministry of Trade and Industry explained in a statement.

Following July’s inflation data, three economists said they expect MAS to tighten monetary policy in their scheduled statement in October.