Singapore: Inflation moderates further in January
February 24, 2014
In January, consumer prices rose 0.1% over the previous month, which contrasted the 0.3% fall recorded in December. According to Statistics Singapore, January's increase came on the back of higher prices for food and for services.
Annual inflation inched down from 1.5% in December to 1.4% in January. The figure undershot the 1.7% the market had expected. Annual average inflation inched down from 2.4% in December to 2.2% in January.
The Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, rose from 2.0% in December to 2.2% in January.
The MAS expects average inflation to be between 2.0% and 3.0% in 2014. FocusEconomics Consensus Forecast panelists expect inflation to average 2.8% in 2014, which is down 0.1 percentage points from last month's estimate. For 2015, the panel sees average inflation at 3.0%.
Author: Dirina Mançellari, Senior Economist