Singapore Inflation

Singapore

Singapore: Decrease in annual consumer prices softens in September

October 26, 2015

In September, consumer prices remained stable over the previous month, which was below the 0.1% increase tallied in August. According to Statistics Singapore, September’s reading mainly reflected that higher prices for clothing and footwear were offset by lower prices for housing and utilities.

Consumer prices fell 0.6% annually in September, which followed August’s 0.8% drop. The reading slightly overshot market expectations of a 0.7%. As a result of September’s drop, annual average consumer prices inched down from August’s 0.2% decrease to a 0.4% 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, rose from 0.2% in August to 0.6% in September.

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 1.0%, which is also down 0.1 percentage points from last month’s forecast.


Author:, Economist

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Singapore Inflation Chart


Singapore Inflation September 2015

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


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