Inflation in Singapore
Singapore - Inflation
Consumer prices record largest decline since May 2016 in April
Consumer prices dropped 0.92% in April over the previous month, a sharper drop then March's 0.30% fall. April's result marked the sharpest fall in prices since April 2013. Behind the reading, were sharp drops in prices for transport, clothing and footwear, and recreation and culture goods.
Consumer prices dropped 0.7% year-on-year in April, contrasting March’s flat reading. April's reading marked the first drop in prices since October 2016 and was partly due to falling oil prices and prices for retail goods amid the Covid-19 pandemic. Accordingly, annual average inflation edged down to 0.4% in April (March: 0.5%). Lastly, the Monetary Authority of Singapore’s measure of core prices, which excludes accommodation and private road transport, fell 0.3% year-on-year in April, down from the prior month’s 0.2% drop.
FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.4% in 2020, which is unchanged from the previous month’s forecast. In 2021, our panel expects inflation of 0.9%.
Singapore - Inflation Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | -0.5 | -0.5 | 0.6 | 0.4 | 0.6 |
Singapore Inflation Chart
Source: Singapore Department of Statistics and FocusEconomics calculations.
Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 1.74 | 1.39 % | Dec 31 |
| Exchange Rate | 1.34 | -0.01 % | Jan 01 |
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Economic News
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Singapore: Non-oil exports record sharpest fall since November in May
June 17, 2020
Singapore’s non-oil domestic exports (NODX) fell 4.5% year-on-year in May, contrasting April’s 9.7% increase and marking a six-month low.
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Singapore: Manufacturing and electronics PMIs pick-up from over one-decade lows in May
June 2, 2020
Both the manufacturing and electronics Purchasing Managers’ Indexes (PMIs) regained some lost ground in May, after falling to the worst readings in over 10 years in April amid a shock from the Covid-19 pandemic.
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Singapore: Revised data tones down economic impact of Covid-19 in Q1
May 27, 2020
Comprehensive data revealed that Singapore’s economy contracted at a more moderate pace than expected in the first quarter of the year.
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Singapore: Consumer prices record largest decline since May 2016 in April
May 26, 2020
Consumer prices dropped 0.92% in April over the previous month, a sharper drop then March's 0.30% fall.
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Singapore: Non-oil exports overshoot market expectations in April
May 18, 2020
Singapore’s non-oil domestic exports (NODX) grew 9.7% year-on-year in April, below March’s notable 17.6% expansion which benefited from a positive base effect.
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