Singapore Inflation


Singapore: Consumer prices decline again in December

January 23, 2015

In December, consumer prices fell 0.2% over the previous month, which contrasted the 0.3% rise tallied in November. According to Statistics Singapore, December’s decline was mainly driven by lower prices for clothing and footwear, as well as for private road transport, stemming from lower petrol pump prices. Conversely, food and non-alcoholic beverages, as well as household durable goods recorded higher prices than in the previous month.

Consumer prices fell 0.2% annually in December, which came in slightly above the 0.3% decrease tallied in November, but below the 0.1% drop that the markets had expected. As a result of the annual decrease, annual average inflation edged down from November’s 1.2% to 1.0% in December, which marked the lowest level since July 2010.

Despite December’s decline, the Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, remained stable at November’s 1.5%.

The MAS expects average inflation to be between 0.5% and 1.5% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.2% in 2015, which is down 0.5 percentage points from last month’s estimate. For 2016, the panel sees average inflation at 2.0%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation December 2014

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

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