Singapore Inflation

Singapore

Singapore: Consumer prices continue falling in February

March 23, 2015

In February, consumer prices increased 0.1% over the previous month, which contrasted the 0.2% fall tallied in January. According to Statistics Singapore, February’s slight increase was driven by higher prices for household durable goods, food, recreation and culture. Conversely, education, as well as transport recorded lower prices than in the previous month.

Consumer prices fell 0.3% annually in February, which followed the 0.4% drop recorded in January and came in just below the 0.2% decline that the markets had expected. As a result of February’s decrease, annual average inflation inched down from January’s 0.9% to 0.8%, which marked the lowest level since June 2010.

The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, increased from 1.0% in January to 1.3% in February.

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 0.5% in 2015, which is down 0.4 percentage points 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 February 2015

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


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