Singapore: Softer increases in prices for food and private transport drive inflation down
September 26, 2017
In August, consumer prices grew 0.3% from the previous month, contrasting July’s 0.2% fall. According to Statistics Singapore, the result was particularly driven by higher prices for accommodation.
Inflation declined from July’s 0.6% to 0.4% in August, undershooting market expectations of a 0.6% print. The deceleration itself was driven by softer price increases for food and private road transport. Meanwhile, annual average inflation remained unchanged at July’s over two-year high of 0.4%.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, came in at 1.4% in August, slightly down from July’s 1.6% reading.