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Financial News: Singapore Inflation Slows In August

Singapore Inflation Slows In August

09/25/2017 - 02:25:00 (RTTNews)

(RTTNews) - Singapore inflation eased in August on weak private road transport costs, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed Monday.

Consumer prices climbed 0.4 percent year-on-year in August, slower than the 0.6 percent increase seen in July. Inflation was forecast to remain unchanged at 0.6 percent.

Similarly, core inflation eased to 1.4 percent from 1.6 percent in July, due to lower food and retail inflation. Month-on-month, core consumer prices remained flat.

For 2017, the central bank forecast core inflation to average 1-2 percent, compared with 0.9 percent in 2016, while overall consumer price inflation was projected to rise to 0.5-1.5 percent from -0.5 percent last year.

Due to the base effect change, private road transport inflation fell to 2.6 percent from 3.5 percent.

Housing and utilities prices declined 2.3 percent, while food prices grew 1.2 percent and clothing and footwear prices advanced 1.6 percent.

On a monthly basis, consumer prices gained 0.3 percent in August.

Inflation showed a slowdown in August ahead of semi-annual meeting of the MAS, in the second week of October.

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