Singapore: Inflation falls in June
July 24, 2017
In June, consumer prices dropped 0.1% over the previous month, contrasting May’s 0.3% rise—which had been driven largely by a phasing-out of rebates on service & conservancy charges. According to Statistics Singapore, the reading was mainly due to lower prices for clothing and footwear and communication which more than offset higher prices for recreation and culture.
Inflation came in at 0.5% in June, well below May’s almost three-year high of 1.4% and slightly below market expectations of a 0.6% reading. The annual average variation in consumer prices inched up from May’s 0.2% to 0.3% in June.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.5% increase in June, marginally down from May’s 1.6% and marking the lowest reading in three months.