Singapore: Inflation slows to five-year low in November
December 23, 2014
In November, consumer prices increased 0.3% over the previous month, which contrasted the 0.4% decline tallied in October. According to Statistics Singapore, November’s reading was driven by higher prices for food, as well as for clothing and housing. Conversely, transportation recorded lower prices than in the previous month, mainly due to falling oil prices.
Consumer prices fell 0.3% annually in November. November´s figure contrasted the 0.1% rise recorded in October and marked the lowest reading in five years. The figure came in below the 0.2% decline that markets had expected. As a result of the annual decrease, annual average inflation edged down from October’s 1.4% to 1.2% in November, thus marking the lowest level since July 2010.
The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, dropped from 1.7% in October to 1.5% in November.
Author: Cecilia Simkievich, Economist