Singapore Inflation


Singapore: Consumer prices record fifth consecutive year-on-year fall in March

April 23, 2015

In March, consumer prices rose 0.2% over the previous month, inching up from the 0.1% increase tallied in February. According to Statistics Singapore, March’s increase was driven by higher prices in clothing and transport. Conversely, food, housing and services recorded lower prices than in the previous month.

Consumer prices fell 0.3% annually in March, mirroring February’s result and slightly overshooting the 0.5% decline that the markets had expected. As a result of March’s decrease, annual average inflation inched down from February’s 0.8% to 0.7%, which marked the lowest level in almost five years.

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

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 down 0.1 percentage points from last month’s estimate. For 2016, the panel sees average inflation at 1.4%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation March 2015

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

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