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Monday, 24 November 2014

Singapore's inflation slows further in October

SINGAPORE: Inflation in Singapore slowed further in October, due to fluctuations in COE premiums and declines in costs of accommodation and oil-related items, according to the Department of Statistics on Monday (Nov 24).

The consumer price index (CPI) came in lower at 0.1 per cent year-on-year in October, from 0.6 per cent in September.

Private road transport cost decreased by 5.6 per cent, following the 2.8 per cent fall in September, largely due to the high base a year ago, while accommodation cost slid 1 per cent, extending the 0.6 per cent correction in the previous month - a result of the soft housing rental market, the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in a joint news release.

Prices of oil-related items, including electricity tariffs and petrol pump prices, fell by 2.1 per cent in October after edging down by 0.6 per cent in the preceding month, given the recent weakness in global oil prices.

Food inflation moderated to 2.8 per cent from 3 per cent in September, as prices of both non-cooked food items and prepared meals rose at a slower pace.

Services inflation came in at 1.7 per cent, unchanged from the preceding month, as the higher costs of recreation and entertainment and holiday travel were offset by smaller increases in school tuition fees and household services cost.

Core inflation – which excludes changes in the price of private road transport and accommodation since these are influenced more by government policies – fell to 1.7 per cent year-on-year in October, down from 1.9 per cent the previous month. This was largely due to the steeper decline in electricity tariffs, the news release said.

Consequently, core inflation is expected to average 2 to 2.5 per cent this year and 2 to 3 per cent next year, while CPI-All Items inflation is expected to come in at 1 to 1.5 per cent this year and 0.5 to 1.5 per cent in 2015. 

1 comment:

  1. Singapore's economy grew at a stronger-than-expected pace in the third quarter, final figures showed on Tuesday.

    The economy expanded 2.8 percent on year, the final reading showed, above expectations for a 2.5 percent rise in a Reuters poll and up from an advance reading of 2.4 percent last month. The economy expanded 2.4 percent on year in the second quarter.

    On a quarter-on-quarter annualized basis, the economy expanded 3.1 percent, above expectations for a 1.3 percent expansion in a Reuters poll.


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