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Singapore Inflation Rate Above Forecasts
Singapore’s annual inflation rate increased to 3.4% in February 2024 from an over two-year low of 2.9% in the previous month, compared to market forecasts of 3.3%, due mainly to a faster rise in housing and food prices. Inflation accelerated for housing (3.9% vs 2.4% in January), recreation & culture (5.5% vs 4.4%), education (3.4% vs 3.2%), and food inflation rose to a three-month high of 3.8% from a 22-month low of 3.3% in January. Meanwhile, inflation was steady for transport (at 2.3%), health care (at 4.6%), and miscellaneous goods & services (at 2.6%). On the other hand, the annual core inflation advanced to a seven-month high of 3.6% in February from January’s 23-month low of 3.1%, beating forecasts of a 3.4% gain. Monthly, consumer prices rose by 1.0% in February, the most in 15 months, rebounding from a 0.7% fall in the prior month. Trade Ministry and Monetary Authority of Singapore (MAS) projected both headline and core inflation to average 2.5% to 3.5% for 2024.
Published on 2024-03-25

Singapore Inflation Rate at Over 2-Year Low
Singapore’s annual inflation rate unexpectedly fell to 2.9% in January 2024 from 3.7% in December, far below market forecasts of 3.8%. It marked the lowest inflation since September 2021, due mainly to softer rises in prices of housing & utilities (2.4% vs 3.8%) and transport (2.3% vs 3.9% in November), while food inflation eased to a 22-month low (3.3% vs 3.7%). Also, inflation moderated for recreation & culture (4.4% vs 6.3%) and health care (4.6% vs 5.1%). On the other hand, inflation accelerated for both miscellaneous goods & services (2.6% vs 2.3%) and education (3.2% vs 2.6%). Meanwhile, the annual core inflation declined to a four-month low of 3.1% in January from 3.3% in December, below forecasts of a 3.6% gain. Monthly, consumer prices were down by 0.7%, reversing from a 0.4% rise in the prior month. In 2023, inflation was at 4.8%, compared to the Monetary Authority of Singapore's forecasts of around 5%.
Published on 2024-02-23

Singapore Inflation Rate Above Forecasts
Singapore’s annual inflation rate unexpectedly inched up to 3.7% in December 2023 from November's 25-month low of 3.6%, exceeding market forecasts of 3.5%. Cost accelerated for transport (3.9% vs 2.8% in November), mainly due to private transport; recreation & culture (6.3% vs 5.6%), mostly driven by holiday expenses and recreational & cultural services. Meantime, inflation was unchanged for housing & utilities (at 3.8%) and health care (at 5.1%). On the other hand, costs moderated for miscellaneous goods & services (2.3% vs 2.8%), and education (2.6% vs 2.7%). Meanwhile, food prices rose by 3.7%, the least in 21 months, after a 4.0% growth in November. Meanwhile, the annual core inflation edged up to 3.3% in December from 3.2% in November, beating forecasts of a 3.1% gain. Monthly, consumer prices rose by 0.4%, after a 0.2% drop in the prior month. For the full year, inflation was at 4.8%, compared to the Monetary Authority of Singapore's forecasts of around 5%.
Published on 2024-01-23

Singapore Inflation Rate Lowest in 25 Months
Singapore’s annual inflation rate dropped to 3.6% in November 2023 from 4.7% in the previous month. It was the lowest reading since October 2021, coming less than market forecasts of 3.8%. Food prices rose by 4.0% yoy, the least in 20 months, after a 4.1% growth in October. Also, cost moderated for housing & utilities (3.8% vs 3.9%), largely linked to accommodation; transport (2.8% vs 8.4%), mainly due to private transport; health care (5.1% vs 5.2%), mainly led by outpatient services; recreation & culture (5.6% vs 5.8%), mostly driven by holiday expenses and recreational & cultural services; and miscellaneous goods & services (2.8% vs 3.4%), mainly supported by personal care. Meantime, inflation was unchanged for education (at 2.7%), amid a further rise in tuition & other fees. Meanwhile, the annual core inflation edged down to 3.2% in November from 3.3% in October. Monthly, consumer prices declined by 0.2%, the first drop in four months. after a 0.2% rise in October.
Published on 2023-12-26

Singapore Inflation Rate at 5-Month High
Singapore’s annual inflation rate rose to 4.7% in October 2023 from 4.1% in the previous month and above market expectations of 4.45%. It was the highest reading since May, mainly driven by an acceleration in prices for housing & utilities (3.9% vs 3.7% in September), transport (8.4% vs 6.3%), and recreation & culture (5.8% vs 4.3%). Additionally, inflation rose for education (2.7% vs 2.4%), health care (5.2% vs 4.5%), and miscellaneous goods & services (3.4% vs 2.6%). In contrast, costs of food slowed to 4.1% (vs 4.3%), the lowest level in one and a half years. Meanwhile, the annual core inflation increased to 3.3%, up from a prior 18-month low of 3.0%. On a monthly basis, consumer prices grew 0.2%, easing from a 0.5% rise in September.
Published on 2023-11-23

Singapore Inflation Rate Inches Higher
Singapore's annual inflation rate edged up to 4.1% in September 2023 from August's 19-month low of 4.0%, matching market consensus. Cost of transport rose faster (6.3% vs 4.8% in August), linked to private transport; as did healthcare (4.5% vs 4.3%). Meantime, prices eased for housing (3.7% vs 3.8%), mainly due to accommodation; recreation & culture (4.3% vs 5.1%), driven by holiday expenses; education (2.4% vs 2.6%), mainly led by tuition & other fees; and miscellaneous goods & services (2.6% vs 4.2%), supported by personal care. Food prices rose by 4.3%, the least since April 2022, after a 4.8% gain in August. Meanwhile, inflation was unchanged for household durables & services (at 1.5%). By contrast, cost of clothing & footwear fell further (-1.7% vs -0.5%). The annual core inflation fell to 3.0% from 3.4%, pointing to the lowest print in 18 months. On a monthly basis, consumer prices went up 0.5%, slowing from a 0.9% gain in August while rising for 2nd straight month.
Published on 2023-10-23

Singapore Inflation Rate at Over 1-½-Year Low
The annual inflation rate in Singapore edged down to 4% in August 2023 from 4.1% in the previous month, in line with market expectations and marking the lowest rate since January 2022. Main downward pressures came from lower inflation for food (4.8% vs 5.3% in July), household durables & services (1.5% vs 2.3%), and recreation & culture (5.1% vs 6.5%). In addition, costs declined for clothing & footwear (-0.5% vs 0.6%). On the other hand, prices accelerated primarily for transport (4.8% vs 3.7%) and health care (4.3% vs 4%). Meanwhile, the annual core inflation eased to 3.4% from a prior 3.8%, and pointing to the lowest reading since April 2022. On a monthly basis, the CPI advanced 0.9%, the largest rise in nine months.
Published on 2023-09-25

Singapore Inflation Eases to Fresh 1-1/2 Year Low
The annual inflation rate in Singapore further slowed to 4.1% in July 2023 from 4.5% in the previous month, in line with market expectations. This marked the lowest rate since January 2022, as prices rose at a softer pace for food (5.3% compared to 5.9% in June), housing & utilities (3.9% compared to 4.3%), transport (3.7% compared to 4.6%), clothing & footwear (0.6% compared to 4%), and health (4% compared to 5%). On the other hand, inflation accelerated for household durables & services (2.3% compared to 2.1%), communication (3.3% compared to 2.5%), recreation & culture (6.5% compared to 5.7%), and miscellaneous goods & services (4% compared to 3.2%). Meanwhile, the annual core inflation rate slowed to 3.8%, marking the softest rise since May 2022. On a monthly basis, the CPI advanced 0.2% in July, decelerating from the 0.5% increase in the previous month.
Published on 2023-08-23

Singapore Inflation Rate Hits 1-½ Year Low
The annual inflation rate in Singapore eased to 4.5% in June 2023 from 5.1% in the previous month and was almost in line with market forecasts of 4.55%. It marked the lowest reading since February 2022, due mainly to the slowdown in prices for food (5.9% vs 6.9% in May) and transport (4.6% vs 6%). In addition, costs slowed for recreation & culture (5.7% vs 6.4%), and miscellaneous goods & services (3.1% vs 3.7%). On the other hand, inflation accelerated primarily for household durables & services (2.1% vs 1.6%) and health care (5% vs 4.6%). The annual core inflation slowed to 4.2% from a prior 4.7% and points to the softest rise since May 2022. On a monthly basis, the CPI advanced 0.5%, picking up from a 0.3% gain a month earlier.
Published on 2023-07-24

Singapore Inflation Rate Eases to 15-Month Low
The annual inflation rate in Singapore slowed to 5.1% in May 2023, from 5.7% in the previous month and below market estimates of 5.5%. It was also the lowest reading since February 2022, as prices eased for food (6.8% vs 7.1% in April), housing & utilities (4.4% vs 4.5%), and transport (6% vs 8.6%), clothing & footwear (4.1% vs 5.6%), and household durables & services (1.6% vs 1.9%). On the other hand, higher inflation were observed in health care (4.6% vs 4.2%) and miscellaneous goods & services (3.6% vs 3.1%). Meanwhile, the annual core inflation rate came in at 4.7% in May, easing from 5% in the previous month and the lowest reading since June 2022. On a monthly basis, the CPI edged up to 0.3%, from a six-month low of 0.1% in the previous month.
Published on 2023-06-23

Singapore Inflation Rate Edges Up to 5.7%
The annual inflation rate in Singapore increased to 5.7% in April 2023, slightly up from March’s eleven-month low and market estimates of 5.5%. Main upward pressure came from higher inflation for transport (8.6% vs 6.2% in March), particularly private transport. In addition, prices accelerated for recreation & culture (7.6% vs 6.8%) and health care (4.2% vs 4%). Conversely, costs primarily slowed for food (7.1% vs 7.7%), housing & utilities (4.5% vs 5.2%), and household durables & services (1.9% vs 2.4%). Meanwhile, the annual core inflation rate was unchanged at 5%, remaining at its lowest since July 2022. On a monthly basis, the CPI rose 0.1%, the softest growth in six months.
Published on 2023-05-23

Singapore Inflation Rate at 11-Month Low
Singapore's annual inflation rate fell to 5.5% in March 2023 from 6.3% in the prior month. It was the lowest reading since April 2022, slightly below market estimates of 5.6%, as food prices rose the least in three months (7.7% vs 8.1% in February). Also, cost slowed for transport (6.2% vs 9.7%), largely linked to private transport; housing (5.2% vs 5.3%), mainly accommodation; and clothing (6.3% vs 7.1%). Meanwhile, inflation was stable for household durables & services (at 2.7%), recreation & culture (at 6.9%), education (2.9%), and miscellaneous goods & services (2.6%). The country's annual core inflation rate eased to 5.0% in March, the lowest in eight months and down from 5.5% in the previous two periods, which marked the highest figure since November 2008. On a monthly basis, consumer prices increased by 0.5% in March, after a three-month record of 0.6% in February.
Published on 2023-04-24

Singapore Inflation Rate Lowest in 9 Months
Singapore’s annual inflation rate eased to 6.3% in February 2023 from 6.6% in the previous month and below market expectations of 6.45%. It was the smallest reading since May 2022 due to the slowdown in transport prices (9.7% vs 11.9% in January), primarily those of transport services. Additionally, inflation edged lower for housing & utilities (5.3% vs 5.4%), household durables & services (2.7% vs 2.8%), and education (2.9% vs 3%). Meanwhile, core consumer prices stood at 5.5%, the same as in January and at their highest level in 14 years. On a monthly basis, consumer prices accelerated by 0.6% after consolidating at 0.2% in the prior two periods.
Published on 2023-03-23

Singapore Inflation Rate Edges Higher in January
Singapore’s annual inflation rate ticked up to 6.6% in January 2023 from December's 7-month low of 6.5%, but less than market forecasts of 7.1%. Food prices rose by 8.1%, the most in over 14 years, after a 7.5% gain in December, Also, cost of housing increased further (5.4% vs 5.5% in December), mainly due to accommodation; as did transport (11.9% vs 12.7%), largely linked to private transport; clothing (6.9% vs 6.0%); household durables & services (2.8% vs 2.0%); recreation & culture (6.7% vs 7.5%), mostly driven by holiday expenses; education (3.0% vs 2.1%), led by tuition & other fees; and miscellaneous goods & services (2.1% vs 1.1%), boosted by personal care. Meanwhile, core consumer prices rose by 5.5% yoy in January, the most since November 2008, after a 5.1% rise in December. On a monthly basis, consumer prices increased by 0.2%, the same pace as in December, marking the third straight month of rise. In 2022, the CPI came in at 6.1%, far higher than 2.3% in 2021.
Published on 2023-02-23

Singapore Inflation Rate at 7-Month Low
Singapore’s annual inflation rate eased to 6.5% in December 2022 after consolidating at 6.7%in the prior two months, and almost in line with market estimates of 6.55%. It was the softest increase since May, as prices grew slower for clothing (6% vs 6.7% in November), particularly footwear; transport (12.7% vs 14.9%), particularly private and other transport services; and household durables & services (2% vs 2.4%), particularly durable goods. By contrast, prices rose faster for food (7.5% vs 7.3%), primarily bread, cereals, seafood, fruits, and vegetables; and recreation & culture (7.5% vs 5.8%), primarily higher holiday expenses. Meanwhile, the core consumer prices stood at 5.1%, the same as in November. For the whole of 2022, the CPI climbed to 6.1% compared to the previous year. Monthly, it went up by 0.2%, easing from a 1% build in November.
Published on 2023-01-25

Singapore Inflation Rate Tops Forecasts
Singapore's annual inflation rate stood at 6.7% in November of 2022, unchanged from October's four-month low reading but above market estimates of 6.45%. There were rises in cost of housing (5.6% vs 5.9% in October), largely due to accommodation; transport (14.9% vs 15.5%), linked to private transport; clothing (6.7% vs 3.2%); recreation & culture (5.8% vs 5.6%), led by holiday expenses; healthcare (2.7% vs 2.8%); and education (1.9% vs 2.0%). Meantime, food prices increased the most since October 2008 (7.3% vs 7.1%). By contrast, prices of communication fell further (-0.7% vs -0.1%). Core consumer prices gained 5.1%, the same pace as in October, slightly above consensus of 5%. The central bank last month mentioned that core inflation was likely to stay elevated at about 5% for the rest of 2022, and into H1 of 2023. On a monthly basis, consumer prices increased by 1.0 percent in November, marking the steepest rise since June and reversing from a 0.4% fall in October.
Published on 2022-12-23

Singapore Inflation Rate Below Estimates
Singapore's annual inflation rate fell to 6.7% in October 2022 from a 14-year high of 7.5% in the prior 2 months, less than market consensus of 7.1%. Cost of transport slowed (15.5% vs 19.0% in September), linked to private transport; as did clothing (3.2% vs 6.0%); and recreation & culture (5.6% vs 6.1%), led by holiday expenses. At the same time, cost of communication fell 0.1% after being flat in September. By contrast, inflation of healthcare was stable (at 2.8%) while that of housing (5.9% vs 6.0%) and education (2.0% vs 2.1%) were little changed. Further, food prices rose the most since October 2008 (7.1% vs 6.9%). Core consumer prices gained 5.1%, compared with consensus and September's print of 5.3%, which was the most since November 2008. On a monthly basis, consumer prices fell 0.4%, the first drop in 6 months, after a 0.4% rise in September. The central bank earlier said core inflation was likely to stay elevated at about 5% for the rest of 2022, and into H1 of 2023.
Published on 2022-11-23

Singapore Inflation Rate at Over 14-Year Peak
Singapore's annual inflation rate was at 7.5% in September, unchanged from August's figure of more than 14-year high, in line with market estimates. Food prices rose by 6.9%, the most since October 2008, after gaining 6.4% in August. Additional upward pressures from cost of housing (6.0% vs 6.0% in July), due to accommodation; transport (19.0% vs 20.2%), linked to private transport; clothing (6.0% vs 8.7%); healthcare (2.8% vs 2.7%), led by outpatient services; recreation & culture (6.1% vs 5.9%), led by holiday expenses; and education (2.1% vs 2.2%). Meantime, cost of communication was flat following a 1.1% drop in August. Core consumer prices rose by 5.3% from a year earlier, the steepest rise since November 2008, above estimates of 5.2%. On a monthly basis, consumer prices went up 0.4%, the least since a fall in April, slowing from a 0.9% rise in August. The government expects 2022 inflation to be between 4.5-5.5%, while core inflation to average between 2.5-3.5%.
Published on 2022-10-25

Singapore Inflation Rate Highest in Over 14 Years
Singapore's annual inflation rate climbed to 7.5% in August 2022 from 7.0% in the prior month, topping market consensus of 7.2%. This was the fastest rise in consumer prices since June 2008, with food prices rising the most in near 14 years. Additional upward pressures also came from cost of housing (6.0% vs 5.9% in July), due to accommodation; transport (20.2% vs 19.0%), due to private transport; clothing (8.7% vs 6.6%); healthcare (2.7% vs 2.7%), led by outpatient services; recreation & culture (5.9% vs 4.9%), led by holiday expenses; and education (2.2% vs 2.2%). By contrast, cost of communication fell at a softer rate (-1.1% vs -1.3%). Core consumer prices rose by 5.1% yoy, the steepest rise since November 2008, above estimates of 5.0%. On a monthly basis, consumer prices went up 0.9%, picking up sharply from a 0.2% rise in July which was the least in three months. The government expects 2022 inflation to be between 4.5-5.5%, while core inflation to average between 2.5-3.5%.
Published on 2022-09-23

Singapore Inflation Rate Highest in 14 Years
Singapore's annual inflation rate rose to 7.0% in July 2022 from 6.7% in the prior month, matching market consensus. This was the fastest rise in consumer prices since June 2008, with food prices up 6.1% yoy, the most since November 2008. Additional upward pressures also came from cost of clothing (6.6% vs 5.4% in July); housing (5.9% vs 5.5%), mostly due to utilities & other fuels; healthcare (2.7% vs 1.9%), led by outpatient services; transport (19.0% vs 18.8%), due to private transport; recreation & culture (4.9% vs 3.5%), led by holiday expenses; and education (2.2% vs 5.1%), driven by tuition & other fees. By contrast, cost of communication fell more (-1.3% vs -1.1%). Core consumer prices climbed 4.8% yoy, the most since November 2008, above estimates of 4.7%. On a monthly basis, consumer prices were up 0.2%, the least in 3 months, after a 1% gain in June. The government expects 2022 annual inflation to be between 4.5-5.5%, while core inflation to average between 2.5-3.5%.
Published on 2022-08-23