Singapore Inflation June 2016


Singapore: Fall in consumer prices softens in June

July 25, 2016

In June, consumer prices increased 0.7% compared to the previous month, swinging from the 0.7% drop tallied in May. According to Statistics Singapore, the reading mainly reflected an increase in prices for transport as well as for housing and utilities.

Consumer prices fell 0.7% annually in June, which was a less pronounced drop than May’s 1.6% decline. The reading beat market expectations of a more pronounced 1.0% decrease. The annual average variation in consumer prices was minus 0.8%, a historical low which was marginally down from May’s minus 0.7%.

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

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 down 0.2 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 1.0%.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation June 2016 0

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

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