Singapore's annual inflation rate higher to 0.8 percent in April 2019 from 0.6 percent in the previous month and in line with market consensus. This was the highest inflation rate since May 2017, mainly due to a rebound in private road transport costs while food prices slowed. On a month-on-month basis, consumer prices declined 0.3 percent in April, following a 0.1 percent drop in March. Inflation Rate in Singapore averaged 2.57 percent from 1962 until 2019, reaching an all time high of 34 percent in March of 1974 and a record low of -3.10 percent in September of 1976.

Inflation Rate in Singapore is expected to be 1.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Inflation Rate in Singapore to stand at 1.40 in 12 months time. In the long-term, the Singapore Inflation Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.

Singapore Inflation Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-02-25 05:00 AM Inflation Rate YoY 0.4% 0.5% 0.6% 0.7%
2019-03-25 05:00 AM Inflation Rate YoY 0.5% 0.4% 0.5% 0.5%
2019-04-23 05:00 AM Inflation Rate YoY 0.6% 0.5% 0.3% 0.5%
2019-05-23 05:00 AM Inflation Rate YoY 0.8% 0.6% 0.8% 0.8%
2019-06-25 05:00 AM Inflation Rate YoY 0.8%
2019-07-23 05:00 AM Inflation Rate YoY 1.1%
2019-08-23 05:00 AM Inflation Rate YoY



Singapore Inflation Rate at Near 2-Year High of 0.8%

Singapore's annual inflation rate higher to 0.8 percent in April 2019 from 0.6 percent in the previous month and in line with market consensus. This was the highest inflation rate since May 2017, mainly due to a rebound in private road transport costs while food prices slowed.

Prices rebounded for transport (1.4 percent vs -0.3 percent in March), namely private road transport (1.1 percent vs -0.9 percent), mainly reflecting higher car prices and a stronger rise in petrol prices. Additionally, cost went up faster for household durables & services (1.4 percent vs 0.4 percent) and recreation & culture (2.1 percent vs 1.3 percent), led by holiday expenses (4.1 percent vs 2.8 percent).

On the other hand, food inflation eased to 1.3 percent in April, below 1.6 percent in the preceding month and reaching the lowest level since May last year. Among food excluding food servicing services, prices slowed for fruits (1.4 percent vs 3.5 percent) and fish & seafood (1.1 percent vs 1.9 percent) while fell for milk, cheese & eggs (-0.2 percent vs 0.8 percent), oils & fats (-0.2 percent vs 1.1 percent), sugar, preserves & confectionery (-1.2 percent vs 0.6 percent). Meanwhile, cost rose faster for vegetables (2.5 percent vs 0.3 percent in March), bread & cereals (2.0 percent vs 1.5 percent), and non-alcoholic beverages (1.1 percent vs 0.7 percent) while prices of meat were flat (vs -1.1 percent). Among food servicing services, prices increased faster for fast food (1.5 percent vs 1.3 percent), restaurant food (1.6 percent vs 1.5 percent), and catered food (4.9 percent vs 4.1 percent). 

Also, inflation slowed for education (2.6 percent vs 2.7 percent) and health care (1.2 percent vs 1.5 percent).

Meanwhile, cost of housing & utilities declined 1.0 percent in April, more than a 0.3 percent fall in March, as electricity and gas fees fell 0.8 percent, reversing from a 3.9 percent increase in the prior month. This was mainly due to lower electricity tariffs and the dampening effect of the phased nationwide launch of the Open Electricity Market (OEM) on electricity prices, MAS and MTI said in a joint statement.

In addition, prices declined for clothing & footwear (-1.3 percent vs 0.1 percent) and communications (-0.5 percent vs -1.0 percent). At the same time, cost of miscellaneous goods & services were flat in April, after a 0.3 percent drop in March.

Annual core inflation, which exclude costs of accommodation and private road transport, edged down to 1.3 percent in April from 1.4 percent in March, and matching market consensus. It was the lowest reading since April last year.

For 2019, the country's central bank and trade ministry expect inflation to be in a range of 0.5-1.5 percent while core inflation is projected to come in near the mid-point of the 1-2 percent forecast range.

On a month-on-month basis, consumer prices declined 0.3 percent in March, following a 0.1 percent fall in March. It was the second straight monthly decline in prices. 
 



Statistics Singapore l Chusnul Ch Manan | chusnul@tradingeconomics.com
5/23/2019 10:12:55 AM



Singapore Prices Last Previous Highest Lowest Unit
Inflation Rate 0.80 0.60 34.00 -3.10 percent [+]
Inflation Rate Mom -0.30 -0.10 4.74 -1.87 percent [+]
Consumer Price Index CPI 100.10 100.40 100.50 24.17 Index Points [+]
Core Consumer Prices 105.60 104.30 105.60 63.85 Index Points [+]
Core Inflation Rate 1.30 1.40 3.50 -1.40 percent [+]
GDP Deflator 106.44 107.55 107.55 46.64 Index Points [+]
Producer Prices 98.50 96.70 135.53 77.52 Index Points [+]
Export Prices 99.60 98.90 213.89 81.70 Index Points [+]
Import Prices 100.00 99.00 123.84 73.71 Index Points [+]
Food Inflation 1.30 1.60 15.62 -7.71 percent [+]
Producer Prices Change 3.50 0.90 29.27 -22.20 percent [+]
CPI Housing Utilities 86.10 89.00 101.14 23.39 Index Points [+]
CPI Transportation 99.80 98.00 107.06 20.22 Index Points [+]


Singapore Inflation Rate

In Singapore, the most important categories in the consumer price index are housing (25 percent of total weight) and food (22 percent). The index also includes: transport (16 percent), education (7 percent), health (6 percent), communication (5 percent) and clothing and footwear (3 percent). Recreation, alcoholic beverages, tobacco and others account for the remaining 16 percent of total weight. This page provides - Singapore Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Singapore Inflation Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.80 0.60 34.00 -3.10 1962 - 2019 percent Monthly
2014=100




Country Last Previous
Argentina 55.80 Apr/19
Australia 1.30 Mar/19
Brazil 4.94 Apr/19
Canada 2.00 Apr/19
China 2.50 Apr/19
Euro Area 1.70 Apr/19
France 1.30 Apr/19
Germany 2.00 Apr/19
India 2.92 Apr/19
Indonesia 2.83 Apr/19
Italy 1.10 Apr/19
Japan 0.50 Mar/19
Mexico 4.41 Apr/19
Netherlands 2.90 Apr/19
Russia 5.20 Apr/19
Saudi Arabia -1.90 Apr/19
Singapore 0.80 Apr/19
South Africa 4.40 Apr/19
South Korea 0.60 Apr/19
Spain 1.50 Apr/19
Switzerland 0.70 Apr/19
Turkey 19.50 Apr/19
United Kingdom 2.10 Apr/19
United States 2.00 Apr/19


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