Singapore Inflation December 2016

Singapore

Singapore: Inflation resurfaces in December

January 23, 2017

In December, consumer prices grew 0.2% over the previous month, marginally down from the 0.3% increase recorded in November. According to Statistics Singapore, the reading mainly reflected higher prices for recreation and culture and for transport.

Inflation came in at 0.2% in December, up from November’s flat reading. The result slightly overshot market expectations of a 0.1% increase. The annual average variation in consumer prices inched up from November’s minus 0.6% to minus 0.5%.

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 December. This represented a smaller increase than November’s 1.3% reading—the highest print since February 2015.

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 December 2016

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


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