Financial News: Singapore Inflation Eases To 2.2%, Lowest In 40

Singapore Inflation Eases To 2.2%, Lowest In 40 Months

09/23/2024 - 05:07:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation moderated in August to the lowest level in more than three years, largely driven by a fall in private transport prices, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index rose 2.2 percent on a yearly basis in August, slower than the 2.4 percent stable rate of increase in July.

Moreover, this was the lowest inflation rate since April 2021, when prices had risen 2.1 percent.

The slowdown was driven by a fall in private transport prices, which more than offset the increase in core inflation.

Meanwhile, core inflation accelerated to 2.7 percent in August from 2.5 percent in July, driven by an increase in service inflation.

Costs for private transport declined 1.0 percent from last year due to a steeper decline in car prices even as petrol prices rose at a slower pace.

Accommodation inflation moderated to 2.9 percent from 3.1 percent, while food inflation remained stable at 2.7 percent. Similarly, electricity and gas inflation remained stable at 6.6 percent.

MAS Core Inflation is expected to stay on a gradual moderating trend over the rest of the quarter and step down further in Q4 2024, the MAS said.

MAS Core Inflation is expected to stay on a gradual moderating trend over the rest of the quarter and step down further in Q4 2024.

The MAS also cautioned about the risks to the inflation outlook. On the domestic front, a reacceleration of wage growth could happen amid stronger-than-expected labor market conditions. The upward pressure on global energy and food commodity prices, as well as shipping costs, was also a concern.

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