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Financial News: Singapore Inflation Slows In October

Singapore Inflation Slows In October

11/25/2019 - 01:25:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation eased in October, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Monday.

The consumer price index rose 0.4 percent year-on-year in October, after a 0.5 percent increase in September. Economists had expected a 0.5 percent rise.

The slowdown was driven by a steeper decline in the cost of electricity and gas and lower services inflation, data showed.

MAS core inflation, which excludes the costs of accommodation and private road transport, slowed to 0.6 percent in October from 0.7 percent in the previous month. This was the lowest in more than three years.

On a month-on-month basis, consumer prices fell 0.4 percent in October, after remaining unchanged in the preceding month. At the same time, MAS core CPI remained unchanged in October.

The MAS and the ministry forecast core inflation to come within the lower end of the 1-2 percent range in 2019 and average 0.5- 1.5 percent in 2020. Meanwhile, overall inflation is expected to be around 0.5 percent in 2019 and average 0.5-1.5 percent in 2020.

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