Singapore Inflation


Decrease in annual consumer prices accelerates in July

In July, consumer prices decreased 0.4% over the previous month, which was below the 0.1% decrease tallied in June. The reading marked the sharpest fall in three months. According to Statistics Singapore, July’s drop was driven by steeper decreases in prices of housing as well as household durables and services.

Consumer prices fell 0.4% annually in July, which followed June’s 0.3% drop. The reading undershot market expectations of a softer 0.2% fall. As a result of July’s decrease, annual average inflation swung from June’s 0.1% increase to a 0.1% fall, which marked the lowest value since February 2003.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, increased from 0.2% in June to 0.4% in July.

The MAS expects average inflation to be between minus 0.5% and plus 0.5% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 0.1% in 2015, which is unchanged from last month’s estimate. For 2016, the panel sees average inflation at 1.5%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation July 2015

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

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