Singapore Inflation Rate At 4-Month Low of 0.4%
Consumer prices in Singapore rose 0.4 percent year-on-year in April of 2017, compared to a 0.7 percent rise in March and below market expectations of 0.7 percent gain. It was the lowest inflation rate since December 2016, mainly driven by lower cost of housing. In contrast, prices accelerated for food and transport. On a month-on-month basis, consumer prices fell 0.3 percent, compared to a flat reading in March.
5/23/2017 10:06:34 AM
Year-on-year, prices rose for: clothing & footwear (0.5 percent from -0.2 percent in the prior month), household durables & services (0.8 percent from 1.6 percent, largely due to a 1.9 percent increase in household services & supplies); health care (3.0 percent from 2.8 percent, mainly driven by a 3.6 percent rise in medical & dental treatment and a 0.8 percent gain in medical products, appliances & equipment); transport (4.7 percent from 4.5 percent, mainly due to a 7.0 percent rise in private road transport and a 1.4 percent rise in other travel & transport); recreation & culture (0.3 percent from 0.3 percent, largely due to a 0.2 percent increase in newspapers, book & stationery and a 1.0 percent growth in holiday expenses); education (3.2 percent from 3.6 percent, due to a 3.2 percent rise in tuition & other fees and a 0.1 percent increase in school textbooks & related study guides) and miscellaneous goods & services (0.1 percent from 0.2 percent. In contrast, cost of housing & utilities fell 4.6 percent, faster than a -3.2 percent drop in March, largely due to a 6.7 percent drop in accommodation).
Prices of food rose 1.3 percent in April, the same as in the previous two months. Among food excluding food servicing services, cost increased for bread & cereals (0.3 percent); fish & seafood (3.5 percent); milk, cheese & eggs (1.1 percent); fruits (2.1 percent); sugar, preserves & confectionery (0.9 percent); other food (1.7 percent), and meat (0.5 percent ).
In contrast, prices fell for oils & fats (-1.9 percent), vegetables (-0.1 percent), and non-alcoholic beverages (-0.6 percent). Among food servicing services, prices increased for all categories: restaurant foods (1.2 percent), fast food (0.9 percent), hawker food including food courts (1.7 percent) and catered food (1.7 percent).
Core consumer prices, which exclude costs of accommodation and private road transport, went up 1.7 percent year-on-year, compared to a 1.2 percent rise in the prior month and above market expectations of 1.3 percent rise. It was the highest figure since October 2014.
On a month-on-month basis, consumer prices decreased 0.3 percent, compared to a flat reading in March.