Singapore Core Inflation in June at 2.9%, Lowest Since March 2022

Singapore's headline consumer price index increased by 2.9% in June, a figure that is below the level of expectation and represents the lowest rate since March 2022. The core inflation rate, which excludes road transport costs and private accommodation, was also lower than the forecasts of economists and the figures from the previous month, coming in at 3.0% in a Reuters poll. The headline annual inflation rate was 2.4% in June, which is below the 2.7% forecast. Despite declining from a high of 5.5% in early 2023, Singapore's inflation rate is projected to remain above 3% until June 2024. The Monetary Authority of Singapore is anticipated to maintain its monetary policy review due to concerns about inflationary risks from geopolitical tensions. The head of the Monetary Authority of Singapore anticipates that core inflation will continue to decline, reaching approximately 2% by 2025, barring any further shocks.

https://internasional.kontan.co.id/news/inflasi-inti-singapura-pada-juni-sebesar-29-terendah-sejak-maret-2022

Hindustan Unilever Posts 2.7% Profit Growth

Hindustan Unilever Ltd (HUL), a subsidiary of Unilever in the UK, has announced a rise in profits for the first quarter of this year. The company's performance has been enhanced by the economic recovery in rural India, which has resulted in increased demand for its core business, Dove. HUL's profit for the quarter ended 30 June 2024 increased by 2.7% to 25.38 billion rupees ($303.23 million), in line with analyst projections. The growth in India's consumer goods sales, particularly in rural areas, has been a significant contributing factor to HUL's success. The company’s sales for the first quarter increased by 4.6% to 151.66 billion rupees, driven by the growth of its home care segment, including brands such as Cif, Vim, and Surf Excel. The decline in commodity prices has also had a favourable impact on HUL’s volume growth.

https://internasional.kontan.co.id/news/hindustan-unilever-membukukan-pertumbuhan-laba-27

India Slashes Import Duty on Gold and Silver to 6%

India's Finance Minister Nirmala Sitharaman has reduced the import duty on gold and silver to 6%, a move that is expected to boost retail demand and cut down on smuggling. The rise in Indian gold demand could have a positive impact on global gold prices, which have reached an all-time high this year. However, this could also contribute to India's trade deficit and exert further pressure on the struggling rupee. The government has introduced a basic customs duty of 5% and an Agricultural Development and Infrastructure Cess (AIDC) of 1% on gold and silver imports, reducing the total customs duty from 15% to 6%. In the wake of the announcement, local gold prices in India declined by 6%, reaching their lowest point in over three months. This is anticipated to fuel increased demand. Saurabh Gadgil, Chairman of PNG Jewellers, anticipates that the duty reduction will result in lower prices and increased demand for Indian jewellery.

https://internasional.kontan.co.id/news/india-pangkas-bea-masuk-emas-dan-perak-menjadi-6