Financial News: Singapore Inflation Eases To 2.4%, Lowest Since August

Singapore Inflation Eases To 2.4%, Lowest Since August 2021

07/23/2024 - 02:46:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation eased more-than-expected in June to the lowest level in nearly three years, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Tuesday.

The consumer price index rose 2.4 percent on a yearly basis in June, slower than the 3.1 percent rise in May. Meanwhile, economists had expected inflation to moderate to 2.7 percent.

Further, this was the weakest inflation since August 2021, when prices had risen the same 2.4 percent.

The slowdown in inflation was due to a decline in private transport costs, in addition to lower core inflation.

Core inflation softened somewhat to 2.9 percent in June from 3.1 percent in May amid lower inflation for retail and other goods, as well as services.

Private transport costs dropped 0.7 percent from last year as the prices of cars and motorcycles declined. Retail and other goods inflation eased to 0.5 percent from 1.5 percent.

Services inflation moderated to 3.4 percent from 3.6 percent, and accommodation inflation softened slightly to 3.3 percent from 3.4 percent. Meanwhile, food prices rose at a steady pace of 2.8 percent.

MAS Core Inflation is expected to stay on a gradual moderating trend over the rest of the year and step down more discernibly in the fourth quarter of 2024, as import cost pressures continue to decline and tightness in the domestic labor market eases further, the MAS said.

For 2024 as a whole, core inflation is projected to average 2.5-3.5 percent.

The MAS also revealed that the risk to the inflation outlook persists amid fresh geopolitical shocks, adverse weather events, and renewed transportation disruptions around the world, as well as shipping costs. Domestically, a stronger-than-expected labor market could lead to a re-acceleration of wage growth.

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