1000 GMT - Singapore's inflation was less hot than expected in July, but upward risks keep central bank tightening on the table, ING economists say. Energy-related costs are still driving inflation, and risks remain skewed to the upside, ING's Deepali Bhargava writes. Uncertainty around the U.S.-Iran conflict will likely keep global energy prices elevated, raising the possibility of further pass-through into Singapore's domestic goods and services prices. Households are also facing increases in electricity and gas tariffs. The El Niño weather effect could inflate imported food costs--an acute threat given Singapore's heavy reliance on food imports. Robust AI-related investment and data-center activity could add to services inflation. ING therefore thinks the central bank's October meeting remains live.