In July, consumer prices added 0.2% over the previous month, which came in above the flat reading observed in June. Clothing and footwear as well as healthcare recorded the largest price increases, whereas prices for transport decreased over June. Building on the relatively modest monthly price increase, annual inflation plummeted from 5.3% in June to 4.0% in July, which represents its lowest level since November 2010 and was below market expectations that had inflation falling to 4.5%. Annual average inflation inched down to 5.2%. Meanwhile, the Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, moderated from 2.7% in June to 2.4% in July. 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 plummets to lowest level in 20 months
August 23, 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 24, 2016
In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August.
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.