Singapore Inflation October 2018

Singapore

Singapore: Inflation stable in October, while core inflation ticks up

November 23, 2018

Consumer prices fell 0.3% over the prior month in October, following a flat reading in September. According to data released by Statistics Singapore, the downtick was primarily caused by lower prices for housing and utilities, while health care costs also fell.

Inflation increased 0.7% in October, rising by the same rate as in September, while annual average inflation inched up to 0.5% in October from 0.4% in September. Meanwhile, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, inched up to 1.9% in October from 1.8% in September due to a sharp double-digit increase in electricity and gas prices caused by higher oil prices.

Going forward, imported inflation is likely to pick up slightly on higher oil prices, while domestic cost pressures should build on faster wage increases and strong domestic demand. The MAS expects CPI inflation to average between 1.0% and 2.0% in 2019, and core inflation to average between 1.5% and 2.5%. FocusEconomics Consensus Forecast panelists expect inflation to average 1.3% in 2019, which is unchanged from last month’s forecast. In 2020, panelists also expect average inflation of 1.3%.


Author:, Economist

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Singapore Inflation Chart


Singapore Inflation October 2018

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


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