Singapore Inflation January 2017

Singapore

Singapore: Prices continue to rise in January

February 23, 2017

In January, consumer prices in Singapore grew 0.2% over the previous month, mirroring December’s reading. According to Statistics Singapore, the reading mainly reflected higher prices for education, clothing and footwear and communication.

Inflation came in at 0.6% in January, up from December’s 0.2%. The result matched market expectations and marked the highest reading since September 2014. The annual average variation in consumer prices inched up from December’s minus 0.5% to minus 0.4%.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.5% increase in January. This represented a larger increase than December’s 1.2% reading and was the highest print since December 2014.

The MAS expects average inflation to be between 0.5% and 1.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in 2017, which is unchanged from last month’s estimate. For 2018, the panel sees average inflation at 1.2%.


Author: Massimo Bassetti, Economist

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Singapore Inflation Chart


Singapore Inflation January 2017

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


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