Singapore Inflation


Singapore: Inflation slows to lowest level in nearly five years in October

November 24, 2014

In October, consumer prices declined 0.4% over the previous month, which was down from the 0.1% decline tallied in September. According to Statistics Singapore, October’s decrease was mainly driven by lower prices for food, as well as for housing and health care.

Annual inflation fell from 0.6% in September to 0.1% in October, which was the lowest print that has been recorded since December 2009. The figure undershot the 0.6% that markets had expected. As a result of the annual decrease, annual average inflation edged down from September’s 1.6% to 1.4% in October, the lowest level since August 2010.

The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, inched down from 1.9% in September to 1.7% in October, marking an eight-month low.

The MAS expects average inflation to be between 1.0% and 1.5% in 2014, and between 0.5% and 1.5% in 2015. FocusEconomics Consensus Forecast panelists expect inflation to average 1.6% in 2014, which is down 0.2 percentage points from last month’s estimate. For 2015, the panel sees average inflation at 2.0%, which is down 0.3 percentage points from last month’s estimate.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation October 2014

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

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