Singapore: Inflation falls to zero in January
According to Statistics Singapore, the result was particularly driven by lower prices for accommodation—due to the disbursement of Service and Conservancy Charges rebates—and recreation and culture.
Inflation in January came in at 0.0%, down from the previous month’s 0.4% increase. The reading surprised market analysts on the downside and was the lowest print since October 2016. Meanwhile, annual average inflation dipped to 0.5% in January, marginally below the prior month’s 0.6%.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, came in at 1.4% in January, up from December’s 1.3% reading.
FocusEconomics Consensus Forecast panelists expect inflation to average 1.2% in 2018, which is unchanged from last month’s estimate. For 2019, the panel sees average inflation of 1.4%. ■