Singapore Inflation July 2017

Singapore

Singapore: Water tariffs prod inflation higher in July

August 23, 2017

In July, consumer prices fell 0.2% from the previous month, representing a slightly steeper decline than June’s 0.1% fall. According to Statistics Singapore, the result was particularly driven by lower prices for housing, which dropped 2.3%.

Inflation crept up from June’s 0.5% to reach 0.6% in July, undershooting market expectations of 0.8%. The acceleration itself was driven by an increase in the price of fuel and utilities, which were affected by the government’s newly-introduced water tariff increases in July. Meanwhile, annual average inflation ticked up from June’s 0.3% to 0.4% in July, reaching an over two-year high.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, came in at 1.6% in July, marginally up from June’s 1.5% reading but equaling May’s.

The MAS expects average inflation to be between 0.5% and 1.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation to rest comfortably within MAS’ expectations at 1.0% in 2017, which is unchanged from last month’s estimate. For 2018, the panel sees average inflation at 1.4%.


Author:, Economist

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Singapore Inflation Chart


Singapore Inflation July 2017

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


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