Singapore Inflation


Singapore: Decrease in annual consumer prices accelerates in August

September 25, 2015

In August, consumer prices rose 0.1% over the previous month, which contrasted the 0.4% decrease tallied in July. The reading marked a three-month low. According to Statistics Singapore, August’s increase was driven by higher prices for housing and utilities as well as clothing and footwear.

Consumer prices fell 0.8% annually in August, which followed July’s 0.4% drop. The reading undershot market expectations of a softer 0.5% fall and marked the sharpest fall since October 2009. As a result of August’s decrease, annual average inflation inched down from July’s 0.1% decrease to a 0.2% fall, which marked the lowest value since December 2002.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, decreased from 0.4% in July to 0.2% in August.

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 0.2% in 2015, which is down 0.1 percentage points from last month’s estimate. For 2016, the panel sees average inflation at 1.1%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation August 2015 0

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

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