Singapore Inflation

Singapore

Singapore: Inflation in August reaches lowest level in six months

September 23, 2014

In August, consumer prices rose 0.5% over the previous month, which contrasted the 0.3% decrease recorded in July. According to Statistics Singapore, August’s decrease came on the back of higher prices for clothing and footwear as well as for food.

Annual inflation fell from 1.2% in July to 0.9% in August, which was the lowest rate in six months. The figure undershot the 1.1% the market had expected. Annual average inflation inched down from 1.7% in July to 1.6% in August.

The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, inched down from 2.2% in July to 2.1% in August.

The MAS expects average inflation to be between 2.0% and 3.0% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 2.5% in 2014, which is down 0.1 percentage points from last month’s estimate. For 2015, the panel sees average inflation at 2.7%.


Author:, Senior Economist

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Singapore Inflation Chart


Singapore Inflation August 2014

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


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