Singapore: Inflation inches down in August
September 24, 2012
In August, consumer prices added 0.6% over the previous month, which tripled the 0.2% rise observed in July. Transport as well as clothing and footwear recorded the largest price increases. Despite the monthly price rise, annual inflation inched down from 4.0% in July to 3.9% in August, which represents its lowest level since November 2010 but was above market expectations that had inflation falling to 3.8%. In addition, annual average inflation moderated from 5.2% in July to 5.0% in August. Meanwhile, the Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, edged down from 2.4% in July to 2.2% in August. The MAS recently raised its inflation forecast and now expects average inflation to range between 4.0% and 4.5% this year, up from the previous 3.5% to 4.5% range.