Singapore’s June CPI showed progress in inflation, prompting Oversea-Chinese Banking Corporation to lower its forecasts for the full year’s overall and core CPI, Golden Ten Data reported. Selena Ling, the bank's head of research and strategy, said the key factor behind the softer June inflation data was lower private transport costs. OCBC lowered its overall inflation forecast for 2024 to 2.6% from 2.8%, assuming an average inflation rate of around 2.4% in the second half of the year. The bank's outlook also assumes that current port congestion and shipping diversions do not worsen significantly and that the U.S. election does not produce further surprises, whether in terms of trade tariffs or other economic policies. In addition, OCBC also adjusted its core inflation forecast to 2.9% from 3.0%, assuming an average inflation rate of about 2.7% in the second half of the year.