Singapore Inflation August 2016


Annual fall in consumer prices eases in August

In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July. According to Statistics Singapore, the reading mainly reflected higher prices for housing and utilities as well as for transportation.

Consumer prices fell 0.3% annually in August, which was a smaller drop than in July and the smallest decline in 20 months. The result came in slightly above market expectations of a more pronounced 0.4% decrease. The annual average variation in consumer prices was minus 0.8%, in line with July’s result.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, matched July’s 1.0% print in August.

The MAS expects the average annual variation in consumer prices to be between minus 1.0% and 0.0% in 2016. FocusEconomics Consensus Forecast panelists expect prices to fall 0.6% 2016, which is down 0.1 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 0.8%.

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Singapore Inflation Chart

Singapore Inflation August 2016 0

Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Singapore (Singstat).

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