Singapore's Core Consumer Price Index (CPI) has seen a noticeable uptick, reaching 2.7% in August 2024, according to the latest data released on 23 September 2024. This represents a year-over-year comparison to the same month last year, marking a rise from a previous 2.5% indicator recorded in August 2023.
The Core CPI measures the changes in the price of goods and services, excluding the often volatile categories of food and energy. This latest spike is a testament to the underlying strength of Singapore's economy, even as global economic challenges persist.
Economic analysts attribute this steady rise to robust domestic demand and resilience in key sectors like manufacturing and services. The government's proactive economic policies might also have contributed to sustaining consumer confidence and spending, ensuring Singapore remains competitive on the global stage. As the country navigates through the remainder of 2024, stakeholders will be closely monitoring the CPI trends for further economic insights.
