Singapore's Annual Inflation Rate Edges Up to 2% in August


In August of 2013, Singaporean annual inflation rate accelerated to 2 percent, from 1.9 percent in July due to stronger increases in the cost of accommodation, services and food which was partly offset by a smaller gain in private road transport cost.

Accommodation cost rose 4.2 percent in August compared to 2.6 percent in July, when there was a disbursement of Service and Conservancy Charges rebates for HDB households. Meanwhile, imputed rentals on owner-occupied accommodation contributed 0.7 percent to overall inflation, down slightly from 0.8 percent in July, reflecting softer conditions in the housing rental market. 

Private road transport cost edged up by 0.1 percent in August after increasing by 2.0 percent in the previous month. Car prices fell, reversing the rise in July, while petrol pump prices rose at a more moderate pace in line with the recent trend in global oil prices.

Services inflation picked up slightly to 2.7 percent in August from 2.5 percent a month earlier, led by a stronger rise in cable TV charges and tertiary education fees.

Food prices increased 2.4 percent in August, up from 2.1 percent in July, mainly on account of costlier hawker and restaurant meals.

MAS Core Inflation, which excludes the costs of accommodation and private road transport, rose to 1.8 percent in August from 1.6 percent in July due to slightly higher contributions from food and services.

On a month-on-month basis, the inflation rate increased by 0.8 percent in August, following a 0.3 percent rise in July. 

Singapore


Ministry of Trade and Industry | Joana Taborda | joana.taborda@tradingeconomics.com
9/23/2013 9:26:20 AM