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Financial News: Singapore Consumer Prices Decline Slows In November

Singapore Consumer Prices Decline Slows In November

12/23/2020 - 02:55:00 (RTTNews)

(RTTNews) - Singapore's consumer prices declined at a softer pace in November, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index fell 0.1 percent year-on-year in November, after a 0.2 percent decline in October. Economists had expected a 0.2 percent fall.

This latest consumer prices outcome was largely due to a smaller decline in prices for services, and electricity and gas, as well as a higher food inflation.

MAS core CPI, which excludes the costs of accommodation and private road transport, fell 0.1 percent annually in November, following a 0.2 percent decrease in the preceding month. This was in line with economists' expectation.

The statistical office expects external inflation to remain low in the coming quarters, amid weak demand conditions.

Both MAS Core Inflation and CPI-All Items inflation are forecast to average between -0.5 percent and 0 percent this year, the statistical office and MAS said.

Next year, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is projected to be between -0.5 and 0.5 percent.

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