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Fall in annual consumer prices stable in Singapore in July

Staff Writer |
In July, consumer prices dropped 0.3% compared to the previous month, swinging from the 0.7% increase tallied in June.

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According to Statistics Singapore, the reading mainly reflected lower prices for clothing and footwear as well as for housing and utilities.

Consumer prices fell 0.7% annually in July, which was in line with June’s reading. The reading undershot market expectations of a less pronounced 0.5% decrease, acocrding to Focus Economics.

The annual average variation in consumer prices was minus 0.8%, in line with June’s result, which had marked an historical low.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, inched down from 1.1% in June to 1.0% in July.

The MAS expects the average annual variation in consumer prices to be between minus 1.0% and 0.0% in 2016.

FocusEconomics Consensus Forecast panelists expect prices to fall 0.5% 2016, which is unchanged from last month’s estimate. For 2017, the panel sees average inflation at 0.9%.

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