Financial News: Singapore Inflation Remains Stable At 2.4%

Singapore Inflation Remains Stable At 2.4%

08/23/2024 - 03:08:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation held steady in July after easing in the previous month, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Friday.

The consumer price index rose 2.4 percent on a yearly basis in July, the same as in June, which was the lowest rate since August 2021. Meanwhile, economists had expected inflation to rise slightly to 2.5 percent.

The stable level of inflation in July was because a slowdown in accommodation and core inflation was offset by a pickup in private transport costs.

Meanwhile, core inflation softened to 2.5 percent in July from 2.9 percent in June, driven by lower inflation across all broad core CPI categories.

Services inflation moderated to 2.9 percent from 3.4 percent, and accommodation inflation slowed slightly to 3.1 percent from 3.3 percent. Similarly, food prices rose at a slightly slower rate of 2.7 percent.

On the other hand, private transport costs rebounded 0.9 percent versus a 0.7 percent fall in June. This was due to smaller declines in the prices of cars and motorcycles alongside a steeper increase in gasoline prices.

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

For 2024 as a whole, core inflation is projected to average 2.5-3.5 percent, while CPI-All Items inflation should average 2.0-3.0 percent.

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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