Singapore Inflation Rate Slows to 1.8% in June
Singapore’s annual inflation rate eased to 1.8 percent in June of 2014 from 2.7 percent in May mainly due to a more moderate increase in car prices. Cost of other major categories, except food, were also slightly lower in the month.
7/23/2014 9:42:58 AM
Private road transport cost edged up by 2.8 percent in June, a smaller rise compared to the 8.1 percent surge a month earlier, largely due to the sharp correction in COE (certificate of entitlement) premiums in May.
Accommodation cost increased at a slower pace of 0.5 percent compared to 0.9 percent in May, as imputed rentals on owner-occupied accommodation (OOA) picked up more modestly.
Services inflation eased to 2.2 percent from 2.5 percent in the preceding month, owing to lower contributions from the cost of holiday travel, telecommunication and medical insurance.
Food inflation came in at 3.2 percent, higher than the 3.0 percent a month ago, reflecting steeper price increases of both non-cooked food items and prepared meals.
MAS Core Inflation eased to 2.1 percent in June from 2.2 percent a month ago, as the steeper increase in food prices was more than offset by the decline in services inflation. The calculations of core inflation excludes changes in the price of private road transport and accommodation since these are typically influenced by the government policies.
On a month-on-month basis, the CPI fell 0.7 percent in June after a 0.5 percent rise in May.