Financial News: Singapore Inflation At 3 1/2 Year Low

Singapore Inflation At 3 1/2 Year Low

10/23/2024 - 08:10:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation moderated further in September to the lowest in three-and-a-half years on a steeper fall in private transport costs but core inflation increased and stayed above 2 percent, official data showed Wednesday.

The consumer price index rose 2.0 percent on a yearly basis in September, slower than the 2.2 percent increase in August, data released by the Monetary Authority of Singapore and the Ministry of Trade and Industry revealed.

Moreover, this was the lowest inflation rate since March 2021, when prices had risen 1.3 percent.

Meanwhile, core inflation accelerated for the second straight month to a three-month high. The core rate came in at 2.8 percent, up from 2.7 percent in August, due to an upturn in retail and other goods inflation.

Costs for private transport declined at a faster pace of 2.4 percent from the last year amid a larger fall in car prices alongside lower petrol prices.

Accommodation inflation softened to 2.7 percent from 2.9 percent on account of a smaller rise in housing rents, and food inflation edged lower to 2.6 percent from 2.7 percent. Meanwhile, service inflation remained unchanged at 3.3 percent.

MAS core inflation is expected to stay on a gradual moderating trend and reach around 2 percent by end-2024, the MAS said.

CPI-All Items inflation is expected to come in at around 2.5 percent for the whole of 2024 and average 1.5-2.5 percent in 2025.

The MAS further added that risks to the inflation outlook are relatively balanced. Domestically, stronger-than-expected labor market conditions could lead to a slower easing in unit labor cost growth.

Rising geopolitical tension may be a concern for higher imported costs, while a significant downturn in the global economy could induce a greater easing of cost and price pressures.

Last week, Singapore central bank maintained its monetary policy for the sixth consecutive meeting as economic growth improved amid a slowdown in inflation. The bank had last tightened its policy in October 2022.

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