Singapore: Inflation rises on higher transport costs
July 23, 2013
In June, consumer prices rose 0.2% over the previous month, which is lower than the 0.4% increase observed in May. According to Statistics Singapore, transport recorded the greatest price increase.
Annual inflation inched up from 1.6% in May to 1.8% in June, which matched market expectations. Annual average inflation, however, fell to 3.4% in June (May: 3.7%), the lowest level observed since January 2011.
The Monetary Authority of Singapore's (MAS) annual core inflation measure, which excludes the costs of accommodation and private road transport, remains unchanged from last month at 1.7%.
The MAS expects average inflation to range between 2.0% and 3.0% in 2013. FocusEconomics Consensus Forecast panellists see inflation at the upper limit of the MAS' forecast range and expect inflation to average 2.9% in 2013, which is down 0.3 percentage points from last month's estimate. For 2014, the panel sees average inflation at 3.1%.
Author: Dirina Mançellari, Senior Economist