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Singapore: Inflation unchanged in July, but core inflation creeps up

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Consumer prices decreased 0.1% over the previous month in July, contrasting June’s 0.1% increase. According to data released by Statistics Singapore, July’s decline in prices was primarily driven by lower prices for housing and utilities; and transport.

In July, inflation was unchanged at 0.6%, while annual average inflation remained at 0.4%. However, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, rose from1.7% in June to 1.9% in July on a larger increase in electricity and gas prices.

Going forward, imported inflation is likely to pick up slightly, while domestic cost pressures should build on faster wage increases. The MAS expects CPI inflation to average between 0.5% and 1.0% this year, and core inflation to average between 1.5% and 2.0%. FocusEconomics Consensus Forecast panelists expect inflation to average 0.7% in 2018 and 1.3% in 2019.

Author: Oliver Reynolds, Economist

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