Singapore Inflation Eases To 0.6%, Lowest Since Early 2021

(RTTNews) - Singapore consumer price inflation eased in July to the lowest level in four-and-a-half years, the Monetary Authority of Singapore reported on Monday.

Consumer prices climbed 0.6 percent annually in July, slower than June's stable increase of 0.8 percent. The expected inflation rate was 0.7 percent.

Further, this was the weakest inflation since January 2021, when prices rose only 0.2 percent.

On a monthly basis, consumer prices dropped 0.4 percent in May.

Data showed that MAS core inflation also softened to 0.5 percent from 0.6 percent in June, driven by a fall in the prices of retail and other goods, as well as lower electricity and gas inflation.

The slowdown in overall inflation was linked to easing accommodation and core inflation rates. The annual price growth in accommodation slowed to 0.5 percent from 1.0 percent, and the decline in electricity and gas costs deepened to 5.6 percent from 3.9 percent.Meanwhile, food inflation rose slightly from 1.0 percent to 1.1 percent.

Looking ahead, both MAS Core Inflation and CPI-All Items inflation are projected to average 0.5-1.5 percent in 2025, the MAS said.