empty

2023.08.2311:03:00UTC+00Singapore Inflation Eases To 4.1%, Lowest In 18 Months

Singapore's consumer price inflation moderated further in July to the lowest level in more than one and-a-half years, primarily due to lower charges for private transport, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Wednesday.

The consumer price index, or CPI, climbed 4.1 percent year-over-year in July, slower than the 4.5 percent increase in the previous month. That was in line with economists' expectations.

Moreover, this was the weakest inflation rate since January 2022, when prices had grown 4.0 percent.

The MAS core inflation rate also eased to 3.8 percent in July from 4.2 percent in the prior month. The downward trend was mainly driven by a smaller increase in food prices and a fall in electricity and gas costs.

Month-on-month, core consumer prices rose 0.2 percent in July, largely due to an increase in the costs of services and food. Meanwhile, the total CPI dropped 0.2 percent.

Among the main categories, private transport inflation slowed to 4.8 percent from 5.8 percent as core prices rose more slowly.

Data showed that food inflation softened to 5.3 percent from 5.9 percent due to reduced costs for prepared meals and non-cooked food.

Costs for services grew at a stable rate of 3.6 percent annually at the start of the third quarter.

Singapore's import prices continued to decline compared to last year on the back of easing global supply chain frictions and, lower energy and food commodity prices.

Domestically, unit labor costs are likely to increase in the near term. Businesses will continue passing through accumulated labor costs to consumers, though more gradually amid the slowdown in domestic economic activity.

Looking ahead, core inflation is expected to moderate further in the second half of this year as imported costs fall from year-ago levels and the current tightness in the domestic labor market eases.

For 2023 as a whole, headline and core inflation are projected to average 4.5-5.5 percent and 3.5-4.5 percent, respectively.

There are upside risks to the inflation outlook, including fresh shocks to global commodity prices and more persistent-than-expected tightness in the domestic labor market, the MAS said.

See Also

Forex News
  • 2024-04-23 09:17:00
    *Australian Dollar Edges Up To 0.8853 Against Canadian Dollar
    2024-04-23 09:16:00
    *Australian Dollar Rises To 8-day High Of 0.6465 Against U.S. Dollar
    2024-04-23 09:16:00
    *Australian Dollar Advances To 8-day High Of 100.03 Against Yen
    2024-04-23 09:16:00
    *Australian Dollar Climbs To 1-week High Of 1.6489 Against Euro
    2024-04-23 09:06:00
    *India Apr Flash HSBC Manufacturing PMI Stable At 59.1
    2024-04-23 09:05:00
    *Singapore Mar CPI Falls 0.1% On Month
    2024-04-23 09:04:00
    *Singapore Mar Core Inflation 3.1% Vs. 3.6% In February
    2024-04-23 09:03:00
    *Singapore Mar Inflation 2.7% Vs. 3.4% In Feb, Consensus 3.1%
    2024-04-23 09:01:00
    *India Apr Flash HSBC Composite PMI 62.2 Vs. 61.8 In March
    2024-04-23 09:01:00
    *India Apr Flash HSBC Services PMI 61.7 Vs. 61.2 In March
  • 2024-04-23 13:17:00
    *Euro Rises To Near 2-week High Of 1.0696 Against U.S. Dollar
    2024-04-23 13:11:00
    Pound Rises Against Majors
    2024-04-23 13:05:00
    *Pound Ticks Up To 0.8622 Against Euro
    2024-04-23 13:04:00
    *Pound Advances To 1.1286 Against Swiss Franc
    2024-04-23 13:04:00
    *Pound Edges Up To 1.2389 Against U.S. Dollar
    2024-04-23 13:03:00
    Hong Kong Inflation Eases Slightly To 2.0%
    2024-04-23 13:03:00
    *Pound Rises To 4-day High Of 191.82 Against Yen
    2024-04-23 12:51:00
    German Private Sector Returns To Growth
    2024-04-23 12:38:00
    *UK Apr Manufacturing PMI 48.7 Vs. 50.3 In Mar, Consensus 53.0
    2024-04-23 12:37:00
    *UK Apr S&P Global Flash Services PMI 54.9 Vs. 53.1 In Mar, Consensus 53.0
  • 2024-04-23 12:37:00
    *Hong Kong Mar CPI Inflation 2.0% Vs. 2.1% In February
    2024-04-23 12:35:00
    *UK Apr S&P Global Flash Composite PMI 54.0 Vs. 52.8 In March
    2024-04-23 12:33:00
    Taiwan Industrial Output Rebounds, Retail Sales Growth Eases Sharply
    2024-04-23 12:09:00
    *Poland Mar Retail Sales Up 6.1% On Year, Consensus 6.7%
    2024-04-23 12:05:00
    *Taiwan Mar Retail Sales Up 0.71% Y/Y Vs. 9.33% In February
    2024-04-23 12:05:00
    *Eurozone Apr Flash Manufacturing PMI 45.6 Vs. 46.1 In Mar, Consensus 46.5
    2024-04-23 12:04:00
    *Eurozone Apr Flash Services PMI 52.9 Vs. 51.5 In Mar, Consensus 51.8
    2024-04-23 12:03:00
    *Taiwan Mar Industrial Production Up 3.99% Y/Y Vs. -1.31% In February
    2024-04-23 12:03:00
    *Amended: Eurozone Apr Flash Composite Output Index 51.4 Vs. 50.3 In Mar, Consensus 50.8
    2024-04-23 12:02:00
    *Eurozone Apr Final Composite Output Index 51.4 Vs. 50.3 In Mar, Consensus 50.8
  • 2024-04-23 11:39:00
    *France Apr Flash Factory PMI 44.9 Vs. 46.2 In Mar, Consensus 46.9
    2024-04-23 11:37:00
    *France Apr Flash Services PMI 50.5 Vs. 48.3 In Mar, Consensus 48.9
    2024-04-23 11:36:00
    *France Apr Flash Composite PMI 49.9 Vs. 48.3 In March
    2024-04-23 11:35:00
    *Germany Apr Flash Manufacturing PMI 42.2 Vs. 41.9 In Mar, Consensus 42.8
    2024-04-23 11:34:00
    *Germany Apr Flash Services PMI 53.3 Vs. 50.1 In Mar, Consensus 50.6
    2024-04-23 11:34:00
    Antipodean Currencies Rise Amid Risk Appetite, PMI Data
    2024-04-23 11:33:00
    Singapore Inflation Eases To 2.7%, Lowest In 30 Months
    2024-04-23 11:33:00
    *Germany Apr Flash Composite Output Index 50.5 Vs. 47.7 In Mar, Consensus 48.6
    2024-04-23 11:07:00
    *South Africa Feb Composite Leading Indicator 112.8 Vs. 110.9 In January
    2024-04-23 10:50:00
    UK Budget Deficit Exceeds Estimate
  • 2024-04-23 10:37:00
    India Private Sector Growth Strongest Since June 2010
    2024-04-23 10:26:00
    Japan Private Sector Growth Accelerates In April
    2024-04-23 10:05:00
    *UK Mar Public Sector Net Borrowing GBP 11.02 Bln, Consensus GBP 8.9 Bln
    2024-04-23 09:50:00
    NZ Dollar Advances Against Most Majors
    2024-04-23 09:47:00
    European Economic News Preview: Eurozone Flash PMI Data Due
    2024-04-23 09:31:00
    Australian Dollar Rises Against Majors
    2024-04-23 09:22:00
    *NZ Dollar Edges Up To 0.5928 Against U.S. Dollar
    2024-04-23 09:21:00
    *NZ Dollar Advances To Near 2-week High Of 91.75 Against Yen
    2024-04-23 09:20:00
    *NZ Dollar Rises To 5-day High Of 1.7982 Against Euro
    2024-04-23 09:17:00
    *Australian Dollar Rises To 6-day High Of 1.0919 Against NZ Dollar
  • 2024-04-23 09:17:00
    *Australian Dollar Edges Up To 0.8853 Against Canadian Dollar
    2024-04-23 09:16:00
    *Australian Dollar Rises To 8-day High Of 0.6465 Against U.S. Dollar
    2024-04-23 09:16:00
    *Australian Dollar Advances To 8-day High Of 100.03 Against Yen
    2024-04-23 09:16:00
    *Australian Dollar Climbs To 1-week High Of 1.6489 Against Euro
    2024-04-23 09:06:00
    *India Apr Flash HSBC Manufacturing PMI Stable At 59.1
    2024-04-23 09:05:00
    *Singapore Mar CPI Falls 0.1% On Month
    2024-04-23 09:04:00
    *Singapore Mar Core Inflation 3.1% Vs. 3.6% In February
    2024-04-23 09:03:00
    *Singapore Mar Inflation 2.7% Vs. 3.4% In Feb, Consensus 3.1%
    2024-04-23 09:01:00
    *India Apr Flash HSBC Composite PMI 62.2 Vs. 61.8 In March
    2024-04-23 09:01:00
    *India Apr Flash HSBC Services PMI 61.7 Vs. 61.2 In March
  • 2024-04-23 13:17:00
    *Euro Rises To Near 2-week High Of 1.0696 Against U.S. Dollar
    2024-04-23 13:11:00
    Pound Rises Against Majors
    2024-04-23 13:05:00
    *Pound Ticks Up To 0.8622 Against Euro
    2024-04-23 13:04:00
    *Pound Advances To 1.1286 Against Swiss Franc
    2024-04-23 13:04:00
    *Pound Edges Up To 1.2389 Against U.S. Dollar
    2024-04-23 13:03:00
    Hong Kong Inflation Eases Slightly To 2.0%
    2024-04-23 13:03:00
    *Pound Rises To 4-day High Of 191.82 Against Yen
    2024-04-23 12:51:00
    German Private Sector Returns To Growth
    2024-04-23 12:38:00
    *UK Apr Manufacturing PMI 48.7 Vs. 50.3 In Mar, Consensus 53.0
    2024-04-23 12:37:00
    *UK Apr S&P Global Flash Services PMI 54.9 Vs. 53.1 In Mar, Consensus 53.0


Can't speak right now?
Ask your question in the chat.
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaTrade anyway.

We are sorry for any inconvenience caused by this message.