Singapore's annual inflation rate fell to 0.4 percent in July 2019 from 0.6 percent in the previous month and below market expectations of 0.55 percent. That was the lowest inflation rate since January, amid a steeper fall in cost of housing & utilities while food inflation was steady for the third straight month. On a month-on-month basis, consumer prices dropped by 0.4 percent in July, faster than a 0.2 percent fall in June. Inflation Rate in Singapore averaged 2.57 percent from 1962 until 2019, reaching an all time high of 34 percent in March of 1974 and a record low of -3.10 percent in September of 1976.

Inflation Rate in Singapore is expected to be 1.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Singapore to stand at 1.60 in 12 months time. In the long-term, the Singapore Inflation Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

Singapore Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-05-23 05:00 AM Inflation Rate YoY Apr 0.8% 0.6% 0.8% 0.8%
2019-06-24 05:00 AM Inflation Rate YoY May 0.9% 0.8% 0.7% 0.6%
2019-07-23 05:00 AM Inflation Rate YoY Jun 0.6% 0.9% 0.7% 0.8%
2019-08-23 05:00 AM Inflation Rate YoY Jul 0.4% 0.6% 0.55% 0.5%
2019-09-23 05:00 AM Inflation Rate YoY Aug 0.4% 0.6%
2019-10-23 05:00 AM Inflation Rate YoY Sep 1%
2019-11-25 05:00 AM Inflation Rate YoY Oct



Singapore Inflation Rate Slows to 6-Month Low of 0.4% in July

Singapore's annual inflation rate fell to 0.4 percent in July 2019 from 0.6 percent in the previous month and below market expectations of 0.55 percent. That was the lowest inflation rate since January, amid a steeper fall in cost of housing & utilities while food inflation was steady for the third straight month.

Cost of housing & utilities dropped 1.5 percent year-on-year in July, nearly twice of a 0.8 percent fall in a month earlier, with prices of accommodation falling for the third straight month (-0.9 percent vs -1.1 percent) in the wake of the phased nationwide launch of the Open Electricity Market (OEM) on electricity prices. Also, prices declined faster for both clothing & footwear (-2.1 percent vs -0.6 percent), and communications (-2.2 percent vs -1.7 percent). At the same time, cost slowed for recreation & culture (1.3 percent vs 1.8 percent), mainly due to holiday expenses (2.5 percent vs 3.3 percent); education (2.4 percent vs 2.5 percent), miscellaneous goods & services (0.3 percent vs 0.4 percent), and household durables & services (0.9 percent vs 1.1 percent). 

Meanwhile, prices of food increased by 1.4 percent in July, the same pace as in the previous two months. Within food excluding food servicing services, prices rose further for bread & cereals (1 percent vs 0.9 percent); milk, cheese & eggs (0.6 percen vs 0.1 percent); vegetables (3.5 percent vs 3.8 percent); non-alcoholic beverages (1.7 percent vs 2 percent), while rebounded for fruits (0.3 percent vs -0.1 percent). In contrast, prices fell for meat (-0.5 percent vs -0.4 percent); fish & seafood (-0.1 percent vs 1.4 percent); oils & fats (-0.8 percent vs -0.1 percent); and sugar, preserves & confectionery (-0.2 percent vs -0.8 percent). Among food servicing services, inflation was unchanged for both restaurant food  (at 1.9 percent) and fast food (at 1.5 percent). Meanwhile, prices of catered food slowed (4.4 percent vs 4.9 percent), while those of hawker food went up a bit higher (1.6 percent vs 1.5 percent).

Conversely, inflation quickened for transport (0.9 percent vs 0.6 percent in June), namely private road transport (0.3 percent vs 0.2 percent), public road transport (2.5 percent vs 2.4 percent), and other travel & transport (1.9 percent vs 0.1 percent). Also, cost of health care went up faster (1.3 percent vs 1.1 percent), mostly driven by medical & dental treatment (2 percent vs 1.9 percent).

Annual core inflation, which exclude costs of accommodation and private road transport, fell to 0.8 percent in July, the lowest since April 2016, from 1.2 percent in June.

Meantime, against the backdrop of slower GDP growth, uncertainties in the global economy, as well as the continuing restraining effects of the Monetary Authority of Singapore’s policy tightening in 2018, the central bank and trade ministry now expect 2019 core inflation to come in within the lower half of the 1–2 percent forecast range, while 2019 inflation to average between 0.5-1.5 percent.

On a month-on-month basis, consumer prices dropped by 0.4 percent in July, faster than a 0.2 percent fall in June. 


Statistics Singapore l Rida Husna | rida@tradingeconomics.com
8/23/2019 9:08:25 AM



Singapore Prices Last Previous Highest Lowest Unit
Inflation Rate 0.40 0.60 34.00 -3.10 percent [+]
Inflation Rate Mom -0.40 -0.20 4.74 -1.87 percent [+]
Consumer Price Index CPI 100.20 100.60 100.80 24.17 Index Points [+]
Core Consumer Prices 104.60 104.60 104.80 63.85 Index Points [+]
Core Inflation Rate 0.80 1.20 3.50 -1.40 percent [+]
GDP Deflator 105.11 106.13 107.55 43.49 Index Points [+]
Producer Prices 96.80 95.80 135.53 77.52 Index Points [+]
Export Prices 99.29 98.13 240.64 91.87 Index Points [+]
Import Prices 100.12 99.21 142.72 84.94 Index Points [+]
Food Inflation 1.40 1.40 15.62 -7.71 percent [+]
Producer Prices Change -6.00 -5.50 29.27 -22.20 percent [+]
CPI Housing Utilities 87.10 88.40 101.14 23.39 Index Points [+]
CPI Transportation 98.70 98.90 107.06 20.22 Index Points [+]


Singapore Inflation Rate

In Singapore, the most important categories in the consumer price index are housing (25 percent of total weight) and food (22 percent). The index also includes: transport (16 percent), education (7 percent), health (6 percent), communication (5 percent) and clothing and footwear (3 percent). Recreation, alcoholic beverages, tobacco and others account for the remaining 16 percent of total weight. This page provides - Singapore Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore Inflation Rate - actual data, historical chart and calendar of releases - was last updated on September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.60 34.00 -3.10 1962 - 2019 percent Monthly
2014=100




Country Last Previous
Argentina 53.60 Aug/19
Australia 1.60 Jun/19
Brazil 3.43 Aug/19
Canada 2.00 Jul/19
China 2.80 Aug/19
Euro Area 1.00 Aug/19
France 1.00 Aug/19
Germany 1.40 Aug/19
India 3.21 Aug/19
Indonesia 3.49 Aug/19
Italy 0.50 Aug/19
Japan 0.50 Jul/19
Mexico 3.16 Aug/19
Netherlands 2.80 Aug/19
Russia 4.30 Aug/19
Saudi Arabia -1.30 Jul/19
Singapore 0.40 Jul/19
South Africa 4.00 Jul/19
South Korea 0.00 Aug/19
Spain 0.30 Aug/19
Switzerland 0.30 Aug/19
Turkey 15.01 Aug/19
United Kingdom 2.10 Jul/19
United States 1.70 Aug/19


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