Singapore’s CPI and industrial production will be in focus this week
A SLEW of key economic data is on the radar this week, including the producer price index (PPI), the Leading Index, and the Coincident Index.
According to Trading Economics, Malaysia’s producer prices are expected to contract by 0.9% by the end of this quarter, based on global macro models and analysts’ expectations.
In June 2025, Malaysia’s PPI, which measures price changes at the producer level, fell 4.2% year-on-year (y-o-y), extending the 3.6% decline in May, according to the Statistics Department.
Meanwhile, Bank Negara Malaysia will release the detailed disclosure of international reserves as at end-July, together with the July 2025 monthly highlights and statistics, this Friday.
Singapore CPI
SINGAPORE’s consumer price index (CPI) and industrial production will be in focus this week.
UOB Global Economics & Markets Research expects headline CPI to record growth of 0.8% y-o-y, while Bloomberg projects a 0.3% month-on-month (m-o-m) contraction but growth of 0.8% y-o-y.
For core CPI, UOB forecasts growth of 0.5% y-o-y, while Bloomberg estimates growth of 0.6% y-o-y, unchanged from June.
Separately, Bloomberg estimates Singapore’s industrial production will rise 1% m-o-m and 0.9% y-o-y in July, compared with flat m-o-m growth and an 8% y-o-y increase in June.
Monetary policy decisions
THERE are two key monetary policy meetings in Asia-Pacific this week, with the Bank of Korea and the Philippine Central Bank (BSP) set to decide on policy.
According to a Bloomberg survey, all four economists polled expect the BSP to deliver a third consecutive 25-basis point cut to 5% on its overnight reverse repurchase rate.
UOB also shares this view, noting that softer inflation readings and a moderate growth outlook provide room for further easing.
Meanwhile, ING continues to expect the BSP to cut rates by 25 basis points to 5%, noting that the relative strength in growth data is unlikely to prevent easing in August as CPI inflation remains well below target.
ING added that while CPI readings may accelerate from here, contained domestic rice prices and a reversal in oil prices should keep inflation subdued.
It also highlighted recent BSP comments pointing to more active foreign exchange intervention to curb currency volatility, which should help keep imported inflation contained.
