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Financial News: Singapore Inflation Slows Slightly In August

Singapore Inflation Slows Slightly In August

09/23/2021 - 01:18:00 (RTTNews)

(RTTNews) - Singapore consumer price inflation moderated slightly in August reflecting lower private transport price growth, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Thursday.

Consumer price inflation slowed to 2.4 percent from 2.5 percent. The rate came in line with economists' expectations.

The moderation reflected lower private transport inflation, which more than offset the rise in core inflation. Private transport costs rose at a slower pace of 10.8 percent, largely due to the smaller increase in car prices and the decline in other private transport services costs.

Meanwhile, MAS core inflation edged up to 1.1 percent in August from 1.0 percent in July.

The increase in core rate was largely driven by higher food inflation and the smaller decline in the cost of retail and other goods.

On a monthly basis, core inflation came in at 0.2 percent and overall consumer price inflation at 0.5 percent.

MAS core inflation is projected to increase gradually in the coming months. For 2021 as a whole, MAS core inflation is expected to average 0-1 percent, while overall inflation is forecast to come in between 1-2 percent.

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