Inflation Rate in Singapore averaged 2.53 percent from 1962 until 2020, reaching an all time high of 34.30 percent in March of 1974 and a record low of -3.10 percent in September of 1976.
meREWARDS lets you get coupon deals, and earn cashback when you complete surveys, dine, travel and shop with our partners SINGAPORE: Singapore's core inflation dropped 0.2 per cent year-on-year in June, the Monetary Authority of Singapore (MAS) and Ministry of Trade and Industry (MTI) said in a joint news release on Thursday (Jul 23).The drop in June continues from the 0.2 per cent year-on-year decrease Core inflation – a key policy consideration for MAS – excludes the price of private transport and accommodation.A steeper drop in the costs of services was offset by higher food inflation and smaller declines in the costs of retail and other goods, and electricity and gas in June, said MAS and MTI.The headline consumer price index (CPI) or overall inflation fell 0.5 per cent year-on-year in June, easing from the 0.8 per cent decline in May.This mainly reflected a smaller drop in private transport costs, which fell 4.4 per cent in June compared to 6.8 per cent in May.This in turn was due to smaller declines in car and petrol prices, said the agencies.The cost of retail and other goods also registered a smaller decline of 1.8 per cent in June, compared to 2.3 per cent in May.This was due to the prices of clothing, footwear and telecommunications equipment falling at a more gradual pace, said MAS and MTI.On a year-on-year basis, food inflation edged up 2.3 per cent in June, compared to 2.2 per cent in May.
This measure of inflation …
Core consumer prices fell 0.2% on an annual basis in June, which unchanged from May's reading.
The MAS core inflation and overall consumer price index are forecast to average between minus 1 and 0 per cent this year. In-depth analyses and award-winning multimedia contentGet access to all with our no-contract promotional package at only $0.99/month for the first 3 months*
This was due to larger declines in holiday expenses and airfares, MAS and MTI said.MAS and MTI expected inflation to remain subdued, and maintained their forecast of MAS Core Inflation and CPI‐All Items inflation averaging between -1 per cent and 0 per cent in 2020.The agencies said external sources of inflation were likely to "remain benign" amid weak global demand conditions. Overall inflation was minus 0.8 per cent last month, mainly due to a larger decline in private transport costs, attributed to cheaper cars and petrol and the continued suspension of Electronic Road Pricing charges.
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Inflation is measured in terms of the annual growth rate and in index, 2015 base year with a breakdown for food, energy and total excluding food and energy. A version of this article appeared in the print edition of The Straits Times on June 24, 2020, with the headline 'Core, overall inflation both stay negative in May'.
In 2021, our panel expects inflation of 1.0%.
FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.5% in 2020, which is unchanged from the previous month’s forecast. This was due to steeper declines in the prices of medical products, household durables, and clothing and footwear.Maybank Kim Eng economists Chua Hak Bin and Lee Ju Ye said phase two of the reopening will ease the decline in retail prices, given pent-up consumer demand will likely lead to an increase in store visits.But consumer spending will not return fully to pre-Covid-19 levels in phase two, given wage cuts and job losses, they added.Ms Selena Ling, OCBC Bank's head of treasury research and strategy, said: "The emergence of a second wave of Covid-19 infections elsewhere... may also give local consumers second thoughts, even with the recent reopening of retail shops and restaurant dine-ins. The middle 60 per cent and highest 20 per cent income groups saw declines in prices of 0.1 per cent and 0.2 per cent year-on-year respectively.Rates fell further after imputed rentals on owner-occupied accommodation were excluded.
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