Singapore Inflation July 2019


Singapore: Inflation moderates, while core inflation sinks to an-over-three-year low in July

August 23, 2019

Consumer prices decreased 0.4% over the previous month in July, following June’s 0.2% fall. According to data released by Statistics Singapore, the fall was primarily caused by lower prices for housing and utilities, and clothing and footwear, which was only slightly offset by higher healthcare and communication costs.

Inflation ticked down to 0.4% in July from June’s 0.6% and fell short of analysts’ expectations of 0.6%. Meanwhile, annual average inflation was stable at 0.6% in July.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which omits accommodation and private road transport costs, fell to 0.8% in July from 1.2% in June, missing analysts’ expectations.

Going forward, lower global oil prices relative to 2018 and weak domestic growth will continue to constrain inflation. However, increasing labor costs and possible monetary easing from the MAS in October will likely provide some upward price pressure.

In 2019, the MAS expects CPI inflation to average between 0.5% and 1.5%, and core inflation to average between 1.0% and 2.0%. FocusEconomics Consensus Forecast panelists, meanwhile, expect CPI inflation to average 0.9% in 2019, which is unchanged from the previous month’s forecast. In 2020, our panel expects average inflation of 1.3%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation July 2019 0

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

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