Singapore Inflation Rate Steady at 0.6% in July
Singapore's annual inflation rate came in at 0.6 percent in July 2018, unchanged from the previous month’s 7-month high, slightly below market consensus of 0.65 percent. Food inflation was steady while housing deflation eased and transports prices fell.
8/23/2018 6:37:32 AM
Food inflation was steady at 1.5 percent in July. Among food excluding food servicing services, cost went up mainly for: bread & cereals (1.5 percent vs 2.1 percent); meat (0.6 percent vs 0.5 percent); fish and seafood (2.8 percent vs 3.5 percent); milk, cheese & eggs (1.3 percent vs 1.8 percent); oils & fats (3.1 percent vs 4.1 percent); sugar, preserves & confectionary (1.6 percent vs 2.7 percent); non-alcoholic beverages (1.5 percent vs 1.4 percent), other food (1.2 percent vs 3.4 percent), and fruit (2.6 percent vs 1.2 percent). By contrast, vegetables prices continued to drop (-0.2 percent vs -1.5 percent). Among food servicing services, inflation was unchanged for restaurant food (at 1.7 percent) while inflation eased for hawker food including food courts (1.5 percent vs 1.6 percent). Meantime, inflation rose for both fast food (0.6 percent vs 0.1 percent) and catered food (1.7 percent vs 0.2 percent).
Additional upward pressure came from: recreation & culture (1.7 percent vs 1.4 percent) due to holiday expenses (2.8 percent vs 2.4 percent) and recreation & entertainment (0.8 percent vs 0.6 percent); education (2.4 percent, from 2.9 percent); healthcare (2.0 percent vs 2.4 percent); miscellaneous goods & services (0.9 percent vs 1.2 percent); household durables & services (0.5 percent vs 0.9 percent); communication (0.2 percent vs 0.2 percent); and clothing & footwear (2.3 percent vs 1.5 percent).
On the other hand, transport prices fell (-0.3 percent vs 0.3 percent) dragged in particular by private road transport cost (-0.2 percent vs 0.4 percent) and public road transport (-1.1 percent vs -1.0 percent). Also, housing & utilities prices dropped at a softer pace (-1.0 percent vs -1.8 percent).
Core consumer prices, which exclude costs of accommodation and private road transport, increased by 1.9 percent in July, beating market expectations of 1.7 percent and following a 1.7 percent gain in June.
On a month-on-month basis, consumer prices edged down 0.1 percent in July, reversing from a 0.1 percent rise a month earlier.