Singapore Inflation July 2016


Singapore: Fall in annual consumer prices remains stable in July

August 23, 2016

In July, consumer prices dropped 0.3% compared to the previous month, swinging from the 0.7% increase tallied in June. According to Statistics Singapore, the reading mainly reflected lower prices for clothing and footwear as well as for housing and utilities.

Consumer prices fell 0.7% annually in July, which was in line with June’s reading. The reading undershot market expectations of a less pronounced 0.5% decrease. The annual average variation in consumer prices was minus 0.8%, in line with June’s result, which had marked an historical low.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, inched down from 1.1% in June to 1.0% in July.

The MAS expects the average annual variation in consumer prices to be between minus 1.0% and 0.0% in 2016. FocusEconomics Consensus Forecast panelists expect prices to fall 0.5% 2016, which is unchanged from last month’s estimate. For 2017, the panel sees average inflation at 0.9%.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation July 2016 0

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

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