In June, consumer prices dropped 0.2% over the previous month, which contrasted the 0.6% increase recorded in May but matched market expectations. The monthly price drop mainly reflected lower prices for clothing and footwear (-3.0% month-on-month) as well as for housing (-0.9% mom). Housing costs dropped, as rebates for service & conservancy charges (S&CC) that were not provided in the previous month were given out in June. Despite the monthly price drop, annual inflation jumped from 4.5% in May to 5.2% June, as the 0.2% price decrease came in well above the 1.0% drop tallied in June last year. The June print represented the highest inflation level since January. Annual average inflation, which is the reference for monetary policy decisions, continued to rise, stepping up from 4.1% in May to 4.3% in June. The Monetary Authority of Singapore recently raised its average inflation forecast for this year to between 4.0% and 5.0%, up from the previous estimate of 3.0% - 4.0%.
Inflation spikes in June
July 25, 2011
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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.