Singapore Inflation October 2020


Singapore: Consumer prices fall on an annual basis in October

November 23, 2020

Consumer prices fell 0.43% in October over the previous month, contrasting the 0.33% rise seen in September. October's result marked the sharpest fall in prices since April and was mainly driven by lower transport, and housing and utilities costs.

Consumer prices declined 0.2% year-on-year in October, having remained broadly unchanged in September. In addition, the trend pointed mildly down, coming in at minus 0.1% in October (September: 0.0%). Core consumer prices fell 0.2% on an annual basis in October, which was a sharper decrease than September's 0.1% decrease.

Looking ahead to 2021, Andrew Tilton, an economist at Goldman Sachs, commented:

“Going forward, we expect headline inflation to pick up as global energy prices rebound, the impact of government support measures on certain fees/charges fades, and given the low base in 2020. However, the overall inflation trajectory should remain quite subdued and significantly below the historical average given the substantial widening in the output gap, weak labor market conditions and downward pressures on rents.”

FocusEconomics Consensus Forecast panelists expect inflation to average 1.0% in 2021, which is down 0.1 percentage points from the previous month’s forecast. In 2022, our panel expects average inflation of 1.3%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation October 20 20 1

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

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