In August, consumer prices added 0.6% over the previous month, which tripled the 0.2% rise observed in July. Transport as well as clothing and footwear recorded the largest price increases. Despite the monthly price rise, annual inflation inched down from 4.0% in July to 3.9% in August, which represents its lowest level since November 2010 but was above market expectations that had inflation falling to 3.8%. In addition, annual average inflation moderated from 5.2% in July to 5.0% in August. Meanwhile, the Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, edged down from 2.4% in July to 2.2% in August. The MAS recently raised its inflation forecast and now expects average inflation to range between 4.0% and 4.5% this year, up from the previous 3.5% to 4.5% range.
Inflation inches down in August
September 24, 2012
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Singapore Inflation Chart
Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Singapore (Singstat).
Singapore Economic News
October 17, 2016
In September, non-oil domestic exports (NODX) dropped 4.8% from the same month last year, deteriorating from August’s flat result.
October 14, 2016
According to advanced estimates released by the Ministry of Trade and Industry on 14 October, GDP declined a sharp 4.1% in Q3 from the previous quarter at a seasonally adjusted annualized rate (SAAR), down from Q2’s revised 0.2% rise (previously reported: +0.3% quarter-on-quarter).
October 14, 2016
At its second scheduled semi-annual meeting of 2016, which took place on 14 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
October 3, 2016
The manufacturing PMI produced by the Singapore Institute of Purchasing & Materials Management (SIPMM) picked up from 49.8 in August to a 15-month high of 50.1 in September.
September 23, 2016
In August, consumer prices increased 0.5% compared to the previous month, contrasting the 0.3% decrease recorded in July.