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.
Author: Eric Denis , Economist