Singapore Headline Inflation Falls to 4.1% in July; Core Inflation Drops to 3.8%

The Business Times2023-08-23

SINGAPORE’S headline and core inflation both continued to fall in July, data from the Monetary Authority of Singapore and Ministry of Trade and Industry showed on Wednesday (Aug 23).Headline inflation...

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This was on account of lower private transport inflation, on top of the decline in core inflation.Core inflation, which excludes accommodation and private transport, slipped to 3.8 per cent on the year in July, from 4.2 per cent in the preceding month. The reading matched economists’ median estimate. The decline was largely caused by a smaller increase in food prices and a fall in electricity and gas costs.On a month-on-month basis, headline inflation was down 0.2 per cent, on account of lower accommodation and private transport costs. Core inflation, however, nudged up 0.2 per cent, largely due to an increase in the costs of services and food.On the year, lower inflation was recorded for most categories in July, with electricity and gas prices registering a decrease.Electricity and gas inflation was at -1.6 per cent in July, against June’s 3.1 per cent inflation. This was due to lower electricity and gas tariffs compared to a year ago.Private transport inflation dropped to 4.8 per cent, from June’s 5.8 per cent, mainly driven by slower rises in car prices.On the bread and butter front, food inflation eased to 5.3 per cent in July, from June’s 5.9 per cent, as the pace of increase in the prices of prepared meals and non-cooked food moderated.Inflation in retail and other goods edged down to 2.6 per cent, compared with 2.7 per cent previously. This came on the back of a smaller increase in the prices of clothing and footwear.Services inflation, on the other hand, remained broadly unchanged at 3.6 per cent, as a smaller increase in the cost of outpatient services and a decline in airfares were offset by a larger increase in holiday expenses. Accommodation was the only category with higher inflation last month, inching up to 4.6 per cent, from the preceding month’s 4.5 per cent. 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