Singapore Inflation September 2016


Singapore: Annual fall in consumer prices softens marginally in September

October 24, 2016

In September, consumer prices stayed flat compared to the previous month, following the 0.5% increase recorded in August. According to Statistics Singapore, the reading mainly reflected higher prices for clothing and footwear offsetting lower prices for housing and utilities as well as for communication.

Consumer prices fell 0.2% annually in September, which was a smaller drop than August’s 0.2% decrease and the smallest decline in 21 months. The result came in slightly above market expectations of a more pronounced 0.4% decrease. The annual average variation in consumer prices was minus 0.7%, marginally up from August’s 0.8% fall.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 0.9% increase in September, which represented a smaller increase than August’s 1.0% reading.

The MAS expects the average annual variation in consumer prices to be between minus 1.0% and 0.0% in 2016. FocusEconomics Consensus Forecast panelists expect prices to fall 0.5% 2016, which is up 0.1 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 0.8%, which is unchanged from last month’s projection.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation September 2016

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

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