Singapore Inflation Rate at 4-Month High of 0.6%
Consumer prices in Singapore increased 0.6 percent from a year earlier in November of 2017, accelerating from a 0.4 percent rise in the prior month and beating market expectations of 0.5 percent. It was the highest inflation since July, as cost of transport increased at a faster pace while prices of food continued to rise.
12/26/2017 10:30:45 AM
Year-on-year, prices went up more than in a month earlier for: transport (2.6 percent from 1.1 percent), largely due to a 4.1 percent rise in private road transport and other travel & transport (1.1 percent); household durables & services (1 percent from 0.7 percent, largely due to a 2.3 percent increase in household services & supplies); recreation & culture (0.8 percent from 0.7 percent), due to a 0.9 percent rise in recreation, a 0.1 percent increase in newspapers, books&stationery, and a 0.7 percent rise in holiday expenses; communication (1.5 percent from 1.0 percent).
Inflation was steady for: education (2.6 percent), due to a 2.6 percent rise in tuition & other fees and a 0.9 percent gain in school textbooks & related study guides; clothing & footwear (0.7 percent).
Prices rose less for health (2 percent from 2.2 percent), mainly due to a 2.7 percent rise in medical & dental treatment.
Prices of food rose 1.5 percent, the same pace as in the previous month. Among food excluding food servicing services, cost increased for all categories : milk, cheese & eggs (0.3 percent); fish & seafood (1.9 percent); oils & fats (1.7 percent); fruits (2.2 percent); sugar, preserves & confectionery (4.7 percent); vegetables (2 percent); other food (1.3 percent); meat (0.8 percent); non-alcoholic beverages (1.9 percent), and bread & cereals (1 percent). Also, among food servicing services, prices went up for all categories: restaurant foods (1.1 percent); fast food (1 percent), hawker food including food courts (1.6 percent), and catered food (1.3 percent).
On the other hand, cost fell for housing & utilities (-2.4 percent from -2.7 percent, mainly due to a 3.9 percent decline in accomodation); miscellaneous goods & services (-0.4 percent from 0.9 percent), due to a 1.6 percent fall in personal care.
Core consumer prices which exclude costs of accommodation and private road transport, rose 1.5 percent, the same pace as in October and in line with market expectations.
On a month-on-month basis, consumer prices went up 0.6 percent, after decreasing by 0.3 percent in a month earlier.