Singapore’s inflation drops for 4th straight month
Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August, however, economists believe the trend could falter if oil prices continue to rise, and disruptive weather patterns lead to higher food prices.
Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August. (Photo: The Straits Times)
Singapore (VNA) – Consumer prices in Singapore rose at a slowerpace for a 4th consecutive month in August, however, economistsbelieve the trend could falter if oil prices continue to rise, and disruptiveweather patterns lead to higher food prices.
According to the Singapore Department of Statistics, core inflation, excludingprivate transport and accommodation costs to better reflect the expenses ofSingapore households, dropped to 3.4% year-on-year in August, the lowest levelin over one year.
The overall consumer price index (CPI) also edged down, to 4% in August from4.1% in July, as declines in core and accommodation inflation more than offsetthe rise in prices of private transport.
In a joint media statement released on September 25, the Monetary Authority ofSingapore (MAS) and the Ministry of Trade and Industry (MTI) said coreinflation is expected to moderate further over the next few months as importedcosts stay low compared with year-ago levels, and the current tightness in thedomestic labour market eases.
They also maintained their forecasts for overall inflation for 2023 between4.5% and 5.5%, while core inflation was pegged at between 3.5% and 4.5%.
Maybank economist Chua Hak Bin told Straits Times that inflation might not easeas quickly for the rest of the year as energy and food prices have rebounded.
The impending GST and carbon tax hike on January 1 next year may also triggeranother jump in consumer prices, he said.
Meanwhile, DBS Bank economist Chua Han Teng said sees upside risks from therecent uptick in global oil prices due to Opec supply cuts, and potentialglobal food price shocks from El Nino weather disruptions./.
Singapore has for the first time overcome Hong Kong (China), London (UK) and New York (US) to become the most expensive city for an upper-class lifestyle, according to the 2023 Global Wealth and Lifestyle Report released recently by Julius Baer Group based in Switzerland.
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Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August. (Photo: The Straits Times) 
