Singapore Inflation August 2018


Singapore: Inflation ticks up in August, while core inflation is stable

September 24, 2018

Consumer prices increased 0.4% over the previous month in August, contrasting July’s 0.1% fall. According to data released by Statistics Singapore, August’s upswing was chiefly driven by higher prices for housing and utilities.

Inflation inched up to 0.7% in August from 0.6% in July, while annual average inflation was stable at 0.4%. Meanwhile, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, remained at 1.9% in August as higher retail and food inflation was offset by easing services inflation.

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 0.5% and 1.0% this year, and core inflation to average between 1.5% and 2.0%. FocusEconomics Consensus Forecast panelists expect inflation to average 0.7% in 2018, which is unchanged from last month’s forecast. In 2019, panelists expect average inflation of 1.3%, which is also unchanged from last month’s forecast.


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Singapore Inflation Chart

Singapore Inflation August 2018 0

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

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