Inflation in Singapore
Singapore - Inflation
Inflation ticks down in January, undershooting market expectations
Consumer prices fell 0.3% over the previous month in January, contrasting the 0.1% increase recorded in December. According to data released by Statistics Singapore, the fall was primarily caused by lower prices for housing and utilities; and recreation and culture.
Inflation was 0.4% in January, down from December’s 0.5% and missing market analysts’ expectations of 0.6%. Meanwhile, annual average inflation inched higher to 0.5% in January from 0.4% in December.
Meanwhile, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, edged lower to 1.7% in January, as a result of a softer price increase in the cost of electricity and gas. This was down from December’s 1.9% print and shy of the 1.9% market analysts projected.
Surprised by the result was Sanjay Mathur, chief economist of South East Asia and India, at ANZ Research, who noted:
“Both outturns were below our and market estimates. Nonetheless, the deviation from our forecasts was largely confined to the ‘recreation and culture’ component. […] As the January data does not show evidence of a broad-based easing of price pressures, we maintain that the MAS could tighten monetary policy again at the April policy review.”
In 2019, MAS expects CPI inflation to average between 0.5% and 1.5%, and core inflation to average between 1.5% and 2.5%. FocusEconomics Consensus Forecast panelists expect inflation to average 1.2% in 2019, which is down 0.1 percentage points from the previous month’s forecast. In 2020, panelists expect average inflation of 1.4%.
Singapore - Inflation Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Inflation Rate (CPI, annual variation in %) | 2.4 | 1.0 | -0.5 | -0.5 | 0.6 |
Singapore Inflation Chart
Source: Singapore Department of Statistics and FocusEconomics calculations.
Singapore Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 2.15 | 1.39 % | Mar 20 |
| Exchange Rate | 1.35 | -0.01 % | Mar 20 |
| Stock Market | 3,208 | 0.18 % | Mar 20 |
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Singapore: Inflation ticks down in January, undershooting market expectations
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Consumer prices fell 0.3% over the previous month in January, contrasting the 0.1% increase recorded in December.
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The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) fell to 50.7 points in January from 51.1 points in December, the lowest reading since December 2016.
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