Singapore Inflation February 2016


Singapore: Multi-year low in annual consumer prices in February

March 23, 2016

In February, consumer prices fell 0.1% over the previous month, which followed the 0.2% decrease tallied in January. According to Statistics Singapore, February’s reading mainly reflected a fall in prices of transport as well as housing and utilities.

Consumer prices fell 0.8% annually in February, which was a more pronounced drop than January’s 0.6% fall and marked the lowest reading since October 2009. The reading undershot market expectations of a slightly softer 0.7% decrease. The annual average variation in consumer prices was minus 0.6%, down from January’s minus 0.5% and marking a multi-year low.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, inched up from 0.4% in January to 0.5% in February.

The MAS expects average inflation to be between minus 1.0% and 0.0% in 2016. FocusEconomics Consensus Forecast panelists expect inflation be flat in 2016, which is down 0.4 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 1.1%.

Author: Massimo Bassetti, Economist

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Singapore Inflation Chart

Singapore Inflation February 2016

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

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