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Financial News: Singapore Consumer Prices Decline Further

Singapore Consumer Prices Decline Further

09/23/2020 - 03:54:00 (RTTNews)

(RTTNews) - Singapore's consumer prices continued to fall in August, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry sowed on Wednesday.

The consumer price index fell 0.4 percent year-on-year in August, same as seen in June. Economists had expected a 0.5 percent decline.

This fall in the CPI was largely due to a smaller decline in private transport costs.

MAS core CPI, which excludes the costs of accommodation and private road transport, fell 0.3 percent annually in August, following a 0.4 percent decrease in the preceding month.

The latest decline can be attributed to smaller declines in the costs of services, retail & other goods and electricity & gas.

The statistical office expects external sources of inflation to remain benign in the coming quarters, amid weak global demand condition. Oil prices would remain low for a long period, while international food prices rises amid imporved supply chain condition, the agency said.

Both MAS Core Inflation and CPI-All Items inflation are forecast to average between -1 percent and 0 percent in 2020, the statistical office and MAS said.

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