Singapore's annual inflation rate edged up unexpectedly to a two year-high of 0.9 percent in May 2019 from 0.7 percent in the previous month and above market expectations of 0.7 percent. Both prices of food and transport rose faster, with cost of housing declining less. On a month-on-month basis, consumer prices rose 0.7 percent in May, the first monthly increase in three months, after a 0.3 percent decline in April. 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 1.00 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 1.60 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
2019-03-25 05:00 AM Inflation Rate YoY Feb 0.5% 0.4% 0.5% 0.5%
2019-04-23 05:00 AM Inflation Rate YoY Mar 0.6% 0.5% 0.3% 0.5%
2019-05-23 05:00 AM Inflation Rate YoY Apr 0.8% 0.6% 0.8% 0.8%
2019-06-24 05:00 AM Inflation Rate YoY May 0.9% 0.8% 0.7% 0.6%
2019-07-23 05:00 AM Inflation Rate YoY Jun 0.9% 0.7% 0.8%
2019-08-23 05:00 AM Inflation Rate YoY Jul
2019-09-23 05:00 AM Inflation Rate YoY Aug



Singapore Inflation Rate Hits 2 Year-High in May

Singapore's annual inflation rate edged up unexpectedly to a two year-high of 0.9 percent in May 2019 from 0.7 percent in the previous month and above market expectations of 0.7 percent. Both prices of food and transport rose faster, with cost of housing declining less.

Prices of food increased by 1.4 percent year-on-year in May, accelerating from a 1.3 percent gain in April. Among food excluding food servicing services, cost rose faster for fish & seafood (1.7 percent vs 1.1 percent); fruits (1.8 percent vs 1.4 percent); vegetables (3.1 percent vs 2.5 percent); and non-alcoholic beverages (1.8 percent vs 1.1 percent), with prices rebounding for milk, cheese & eggs (0.1 percentr vs -0.2 percent); oils & fats (1.7 percent vs -0.2 percent); and sugar, preserves & confectionery (0.8 percent vs -1.2 percent). Meantime, prices of bread & cereals went up at a slower rate (0.7 percent vs 2 percent), while those of meat declined (-0.3 percent vs a flat reading in April). Among food servicing services, prices increased faster for both restaurant food (1.7 percent vs 1.6 percent), and hawker food (1.5 percent vs 1.3 percent) while inflation was unchanged for both fast food (at 1.5 percent), and catered food (at 4.9 percent).

In addition, cost of transport rose 1.6 percent, compared to a 1.4 percent advance in a month earlier, in particular private road transport (1.5 percent vs 1.1 percent), amid higher car prices and a steeper rise in petrol prices. Also, cost increased faster for both recreation & culture (2.3 percent vs 2.1 percent), mainly due to holiday expenses (4.3 percent vs 4.1 percent); and health care (1.4 percent vs 1.2 percent), namely medical & dentral treatment (1.9 percent vs 1.8 percent); while inflation was unchanged for education (at 2.6 percent). In addition, cost of housing & utilities dropped at a softer rate (-0.7 percent vs -1 percent), with cost of accommodation falling less (-1 percent vs  1.4 percent) in the wake of the phased nationwide launch of the Open Electricity Market (OEM) on electricity prices. Meantime, inflation slowed for household durables & services (1.1 percent vs 1.4 percent), while cost of miscellaneous goods & services were flat for the second straight month in May. At the same time, cost fell further for both clothing & footwear (-1.3 percent vs -1.3), and communications (-0.5 percent vs -0.5 percent). 

Annual core inflation, which exclude costs of accommodation and private road transport, stood at 1.3 percent in May, unchanged from the prior month's one year-low.

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 rose 0.7 percent in May, the first monthly increase in three months, after a 0.3 percent decline in April.   


Statistics Singaporel Rida Husna | rida@tradingeconomics.com
6/24/2019 6:14:34 AM



Singapore Prices Last Previous Highest Lowest Unit
Inflation Rate 0.90 0.80 34.00 -3.10 percent [+]
Inflation Rate Mom 0.70 -0.30 4.74 -1.87 percent [+]
Consumer Price Index CPI 100.80 100.10 100.80 24.17 Index Points [+]
Core Consumer Prices 104.80 104.72 104.80 63.85 Index Points [+]
Core Inflation Rate 1.30 1.30 3.50 -1.40 percent [+]
GDP Deflator 106.50 107.55 107.55 43.49 Index Points [+]
Producer Prices 98.23 97.60 135.53 77.52 Index Points [+]
Export Prices 99.90 100.00 213.89 81.70 Index Points [+]
Import Prices 101.30 100.50 123.84 73.71 Index Points [+]
Food Inflation 1.40 1.30 15.62 -7.71 percent [+]
Producer Prices Change -2.50 0.40 29.27 -22.20 percent [+]
CPI Housing Utilities 88.50 86.10 101.14 23.39 Index Points [+]
CPI Transportation 100.20 99.80 107.06 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 July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.90 0.80 34.00 -3.10 1962 - 2019 percent Monthly
2014=100




Country Last Previous
Argentina 55.80 Jun/19
Australia 1.30 Mar/19
Brazil 3.37 Jun/19
Canada 2.00 Jun/19
China 2.70 Jun/19
Euro Area 1.30 Jun/19
France 1.20 Jun/19
Germany 1.60 Jun/19
India 3.18 Jun/19
Indonesia 3.28 Jun/19
Italy 0.70 Jun/19
Japan 0.70 Jun/19
Mexico 3.95 Jun/19
Netherlands 2.70 Jun/19
Russia 4.70 Jun/19
Saudi Arabia -1.50 May/19
Singapore 0.90 May/19
South Africa 4.50 May/19
South Korea 0.70 Jun/19
Spain 0.40 Jun/19
Switzerland 0.60 Jun/19
Turkey 15.72 Jun/19
United Kingdom 2.00 Jun/19
United States 1.60 Jun/19


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