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Singapore Inflation Moderates More Than Forecast

Singapore Inflation Moderates More Than Forecast
Stock market chart. Photography of monitor screen.

Singapore’s inflation slowed more-than-expected in July, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Friday.

The consumer price index rose 0.4 percent year-on-year in July, slower than the 0.6 percent increase in June. Economists had expected a 0.5 percent rise.

The slowdown in inflation reflected lower prices of retail and other goods, and electricity and gas.

MAS core inflation, which excludes the costs of accommodation and private road transport, slowed to 0.8 percent from 1.2 percent in the previous month. This was the lowest since April 2016.

On a month-on-month basis, consumer prices declined 0.4 percent in July, following a 0.2 percent fall in the preceding month.

MAS core CPI rose 0.1 percent monthly, after remaining unchanged in the previous month.

The MAS and the ministry forecast core inflation to come within the lower half of the 1-2 percent range in 2019. Meanwhile, overall inflation is expected to average 0.5-1.5 percent in 2019.

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