Singapore Inflation Rate Eases To 0.5% YoY In June


Consumer prices in Singapore rose 0.5 percent from a year earlier in June of 2017, compared to a 1.4 percent rise in the prior month and below market consensus of a 0.7 percent increase. Prices increased less than in a month earlier for food and transport while cost of housing declined again.

Year-on-year, prices rose at a slower pace for: household durables & services (0.3 percent from 0.7 percent, largely due to a 1.4 percent increase in household services & supplies) and transport (1.8 percent from 3.8 percent, mainly due to a 3.0 percent rise in private road transport and a 1.0 percent rise in other travel & transport). Cost increased more than in a month earlier for: health care (2.5 percent from 2.4 percent, mainly driven by a 3.4 percent rise in medical & dental treatment). Meantime, cost rebounded for miscellaneous goods & services (0.2 percent from -0.1 percent, driven by a 0.7 percent rise in alcoholic drinks & tobacco, a 4.0 percent rise in personal effects and a 1.7 percent increase in other miscellaneous expenditure).

In contrast, cost fell for: housing & utilities  (-2.0 percent from a 0.1 percent in in a month earlier, mainly due to a 3.9 percent decline in accommodation) and communication (-0.6 percent from 1.0 percent). Inflation was steady for: clothing & footwear (1.9 percent) and education (3.2 percent). 

Prices of food rose 1.4 percent, following a 1.5 percent rise in the previous month. Among food excluding food servicing services, cost increased for bread & cereals (0.7 percent); meat (0.3 percent), fish & seafood (1.2 percent); oils & fats (1.0 percent), fruits (5.4 percent), vegetables (0.8 percent); sugar, preserves & confectionery (1.8 percent) and other food (0.4 percent). Cost was unchanged for: milk, cheese & eggs  and non-alcoholic beverages. Among food servicing services, prices increased for all categories: restaurant foods (1.3 percent), fast food (0.5 percent), hawker food including food courts (1.7 percent) and catered food (1.9 percent).

Core consumer prices which exclude costs of accommodation and private road transport, went up 1.5 percent, following a 1.6 percent gain in May while market estimated a 1.6 percent rise. It was the lowest reading since March.

On a month-on-month basis, consumer prices declined by 0.1 percent, after gaining 0.3 percent in May.

Singapore Inflation Rate Eases To 0.5% YoY In June


Statistics Singapore l Rida Husna | rida@tradingeconomics.com
7/24/2017 6:54:39 AM