Singapore Inflation


Decrease in annual consumer prices deepens in October

In October, consumer prices fell 0.4% over the previous month, which followed the flat growth tallied in September and marked a six-month low. According to Statistics Singapore, October’s reading mainly reflected a fall in prices of housing and utilities as well as transport.

Consumer prices fell 0.8% annually in October, which followed September’s 0.6% drop. The reading undershot market expectations of a softer 0.5% decrease. Despite October’s drop, annual average variation in consumer prices remained stable at September’s 0.4% fall, which marked the lowest value since November 2002.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, fell from 0.6% in September to 0.3% in October.

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 0.2% in 2015, which is down 0.1 percentage points from last month’s estimate. For 2016, the panel sees average inflation at 1.0%, which is also down 0.1 percentage points from last month’s forecast.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation October 2015

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

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