Singapore Inflation April 2017


Singapore: Inflation dips in April

May 23, 2017

In April, consumer prices dropped 0.3% over the previous month, down from March’s flat reading. According to Statistics Singapore, the reading mainly reflected lower prices for housing and utilities—associated with the payment of the service and conservancy charges rebates in April—which more than offset higher prices for communication and clothing and footwear.

Inflation came in at 0.4% in April, below March’s 0.7%. The reading undershot market expectations of 0.7% inflation. The annual average variation in consumer prices inched up from March’s minus 0.2% to minus 0.1%.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.7% increase in April, up from March’s 1.2% and the highest reading in two and a half years.

The MAS expects average inflation to be between 0.5% and 1.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in 2017, which is unchanged from last month’s estimate. For 2018, the panel sees average inflation at 1.2%.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation April 2017

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

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