Singapore Inflation Rate Rises to 7-Month High in June
Singapore's consumer price inflation rose to 0.6 percent year-on-year in June 2018 from 0.4 percent in the previous month, matching market consensus. It was the highest rate since last November, mainly boosted by higher prices of food and transport while housing deflation eased.
7/23/2018 9:08:26 AM
Food inflation increased to a four-month high of 1.5 percent in June, from 1.3 percent in the prior month. Among food excluding food servicing services, cost went up mainly for: bread & cereals (2.1 percent vs 1 percent); meat (0.5 percent vs 0.1 percent); fish and seafood (3.5 percent vs 1.8 percent); milk, cheese & eggs (1.8 percent vs 1.3 percent); oils & fats (4.1 percent vs 3.4 percent); and fruits (1.2 percent vs 1.4 percent). By contrast, vegetables prices continued to drop (-1.5 percent vs -1.1 percent). Among food servicing services, inflation was unchanged for all categories: hawker food including food courts (at 1.6 percent); restaurant food (at 1.7 percent); fast food (at 0.1 percent); and catered food (at 0.3 percent).
Additional upward pressure came from: transport (0.3 percent vs unchanged in May) driven in particular by private road transport cost (0.4 percent vs 0.1 percent); recreation & culture (1.4 percent vs 1.2 percent) due to holiday expenses (2.4 percent vs 2.1 percent) and recreation & entertainment (0.6 percent vs 0.5 percent); education (2.9 percent, the same as in May); healthcare (2.4 percent vs 2.3 percent); miscellaneous goods & services (1.2 percent vs 1.1 percent); household durables & services (0.9 percent vs 0.8 percent); communication (0.2 percent vs -0.8 percent); and clothing & footwear (1.5 percent vs 0.6 percent).
On the other hand, housing & utilities prices fell at a softer pace (-1.8 percent vs -2 percent).
Core consumer prices, which exclude costs of accommodation and private road transport, increased by 1.7 percent in June, beating market expectations of 1.5 percent
and following a 1.5 percent gain in May.
On a month-on-month basis, consumer prices edged up 0.1 percent in June, easing from a 0.6 percent rise a month earlier.