Summary

• MAS Core Inflation fell to ‐0.4% on a year‐on‐year (y‐o‐y) basis in July, from ‐0.2% in June.
  • This was mainly driven by a steeper decline in the cost of electricity & gas, as well as lower food inflation.
• CPI‐All Items inflation also came in at ‐0.4% y‐o‐y in July, edging up slightly from ‐0.5% in the previous month.
  • This was largely due to a smaller decline in the cost of private transport.

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