Singapore: Decrease in annual consumer prices accelerates in July
August 25, 2015
In July, consumer prices decreased 0.4% over the previous month, which was below the 0.1% decrease tallied in June. The reading marked the sharpest fall in three months. According to Statistics Singapore, July’s drop was driven by steeper decreases in prices of housing as well as household durables and services.
Consumer prices fell 0.4% annually in July, which followed June’s 0.3% drop. The reading undershot market expectations of a softer 0.2% fall. As a result of July’s decrease, annual average inflation swung from June’s 0.1% increase to a 0.1% fall, which marked the lowest value since February 2003.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, increased from 0.2% in June to 0.4% in July.
Author: Eric Denis , Economist