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Financial News: Singapore Inflation Rises Less Than Expected In July

Singapore Inflation Rises Less Than Expected In July

08/23/2017 - 01:41:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation accelerated at a slower-than-expected pace in July, though marginally, figures from the Ministry of Trade and Industry showed Wednesday.

The consumer price index rose 0.6 percent year-over-year in July, just above the 0.5 percent climb in June. Economists had expected the inflation to accelerate to 0.7 percent.

The measure has been rising since December last year.

In July, the slight rise in inflation was mainly due to higher retail and water prices.

Private road transport inflation quickened to 3.5 percent in July from 3.0 percent in June. Services inflation increased slightly from 1.3 percent to 1.4 percent.

At the same time, food inflation remained stable at 1.4 percent in July, as the rise in non-cooked food inflation was offset by lower price increases for prepared meals.

MAS core inflation that excludes the costs of accommodation and private road transport, climbed to 1.6 percent in July from 1.5 percent in June.

On a monthly basis, consumer prices dropped 0.2 percent from June, when it fell by 0.1 percent.

For 2017, MAS Core inflation is expected to average 1-2 percent, compared with 0.9 percent in 2016, while CPI-All items inflation is projected to rise to 0.5-1.5 percent from -0.5 percent last year.

The projected pickup in inflation can be attributed to the positive contribution of energy-related components and the impact of administrative price increases, rather than generalized demand-induced price pressures.

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