Singapore inflation falls in June
According to Statistics Singapore, the reading was mainly due to lower prices for clothing and footwear and communication which more than offset higher prices for recreation and culture.
Inflation came in at 0.5% in June, well below May’s almost three-year high of 1.4% and slightly below market expectations of a 0.6% reading. The annual average variation in consumer prices inched up from May’s 0.2% to 0.3% in June.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, recorded a 1.5% increase in June, marginally down from May’s 1.6% and marking the lowest reading in three months.
The MAS expects average inflation to be between 0.5% and 1.5% in 2017. FocusEconomics Consensus Forecast panelists expect inflation of 0.8% in 2017, which is unchanged from last month’s estimate. For 2018, the panel sees average inflation at 1.2%. ■