Singapore Inflation April 2016


Annual fall in consumer prices softens in April

In April, consumer prices decreased 0.1% compared to the previous month following the flat result tallied in March. According to Statistics Singapore, the reading mainly reflected a fall in prices of clothing and footwear as well as in housing and utilities.

Consumer prices fell 0.5% annually in April, which was a less pronounced drop than March’s 1.0% decline and marked the highest reading in nine months. The reading overshot market expectations of a stronger 0.7% decrease. The annual average variation in consumer prices was minus 0.6%, which was slightly up from March’s minus 0.7%.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, inched up from 0.6% in March to 0.8% in April.

The MAS expects 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 0.2% 2016, which is down 0.1 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 1.1%.

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Singapore Inflation Chart

Singapore Inflation April 2016 0

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

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