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Singapore: Annual fall in consumer prices softens marginally in October

Staff Writer |
In October, consumer prices dropped 0.3% over the previous month, following the flat result recorded in September.

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

Consumer prices fell 0.1% annually in October, which was a smaller drop than September’s 0.2% decrease and the smallest decline in 22 months.

The result came in slightly above market expectations of a more pronounced 0.2% decrease. The annual average variation in consumer prices was minus 0.7%, matching September’s reading.

The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.1% increase in October, which represented a larger increase than September’s 0.9% reading.

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 up 0.1 percentage points from last month’s estimate. For 2017, the panel sees average inflation at 0.8%, which is unchanged from last month’s projection.

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