Singapore Inflation February 2017

Singapore

Singapore: Inflation inches up in February

March 23, 2017

In February, consumer prices in Singapore stayed flat over the previous month, down from January’s 0.2% growth. According to Statistics Singapore, the reading mainly reflected higher prices for education, clothing and footwear and household durables and services offsetting lower prices for housing and utilities and transport.

Inflation came in at 0.7% in February, a tad up from January’s 0.6%. The result matched market expectations and marked the highest reading since September 2014. The annual average variation in consumer prices inched up from January’s minus 0.4% to minus 0.3%.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.2% increase in February. This represented a smaller increase than January’s 1.5% reading.

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 February 2017

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


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