Singapore Inflation


Singapore: Annual variation in consumer prices hits over-five-year low in April

May 25, 2015

In April, consumer prices decreased 0.6% over the previous month, contrasting the 0.2% increase tallied in March. The reading marked the sharpest decline in two years. According to Statistics Singapore, April’s fall was driven by a faster drop in prices of oil-related items and a moderation in services inflation.

Consumer prices fell 0.5% annually in April, which followed March’s 0.3% drop. The reading marked the fastest decrease since December 2009 and undershot the 0.1% decline that the markets had expected. As a result of April’s decrease, annual average inflation inched down from March’s 0.7% to 0.5%, which marked a five-year low.

The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, decreased from 1.0% in March to 0.4% in April.

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 0.1% in 2015, which is unchanged from last month’s estimate. For 2016, the panel sees average inflation at 1.5%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation April 2015

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

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