Singapore Inflation Rate Rises to 15-Month High in August

Singapore's annual inflation rate edged up to 0.7 percent in August of 2018 from 0.6 percent in the previous month and matching market consensus. It was the highest rate since May 2017, driven by a faster rise in prices of food while cost of housing and transport fell less.

In August, food inflation rose to a 19-month high of 1.7 percent from 1.5 percent in a month earlier. Among food excluding food servicing services, cost increased for: bread & cereals (2.3 percent vs 1.5 percent in July); fish and seafood (2.5 percent vs 2.8 percent); milk, cheese & eggs (1.4 percent vs 1.3 percent); oils & fats (3.9 percent vs 3.1 percent); fruit (3.4 percent vs 2.6 percent); vegetables (0.4 percent vs -0.2 percent); sugar, preserves & confectionary (3.3 percent vs 1.6 percent); non-alcoholic beverages  (2.3 percent vs 1.5 percent); and other food (1.7 percent vs 1.2 percent), while declined only or meat (-0.8 percent vs 0.6 percent). Among food servicing services, inflation rose for restaurant food (1.9 percent vs 1.7 percent), while eased for hawker food including food courts (0.4 percent vs 1.5 percent); and fast food (0.4 percent vs 0.6 percent);  and unchanged for catered food (at 1.7 percent).

Also, prices rose further for miscellaneous goods & services (1.1 percent vs 0.9 percent) and household durables & services (0.7 percent vs 0.5 percent), mainly due to household services & supplies (1.3 percent vs 1.1 percent). Additionally, cost fell at a softer pace for housing & utilities (-0.6 percent vs -1 percent) and transport (-0.2 percent vs -0.3 percent).

On the other hand, prices slowed for recreation & culture (1.6 percent vs 1.7 percent in July), due to holiday expenses (2.7 percent vs 2.8 percent) and dropped for communication (-1.5 percent vs 0.2 percent); and clothing & footwear (-0.6 percent vs 2.3 percent). In addition, inflation was steady for education (at 2.4 percent, the same as in July); and healthcare (at 2 percent).

Core consumer prices, which exclude costs of accommodation and private road transport, increased by 1.9 percent, the same as in July but slightly below expectations of 2 percent.

On a month-on-month basis, consumer prices rose by 0.4 percent, compared to a 0.1 percent fall in August and marking the highest monthly level in three months.

Singapore Inflation Rate Rises to 15-Month High in August

Statistics Singapore l Rida |
9/24/2018 7:46:41 AM