ZCZC
BCN-17
SINGAPORE-CONSUMER-PRICE-INDEX
Singapore’s CPI grows 0.6 pct in June
SINGAPORE, July 23, 2018 (BSS/Xinhua) – Singapore’s Consumer Price Index
(CPI) grew 0.6 percent in June, compared to a 0.4 percent inflation in May,
said the Ministry of Trade and Industry and Monetary Authority of Singapore
(MAS) in a joint release on Monday.
The MAS Core Inflation, which excludes the costs of accommodation and
private road transport, grew to 1.7 percent in June from 1.5 percent in the
previous month.
The authorities attribute both the larger CPI inflation and the larger MAS
Core Inflation to higher food and services inflation.
In a breakdown, Singapore’s overall cost of retail items rose by 1.6
percent in June, compared to the 1.3 percent increase in May; services
inflation edged up to 1.7 percent from 1.6 percent; food inflation rose to
1.5 percent from 1.3 percent; private road transport cost inflation rose to
0.4 percent from 0.1 percent; and the accommodation cost fell by 3 percent,
narrower than the 3.2 percent drop in the previous month.
Looking forward, Singapore is likely to see mild increase of imported
inflation, while the domestic sources of inflation are expected to increase
alongside a faster pace of wage growth and a pickup in domestic demand.
According to the joint release, Singapore’s CPI inflation is expected to be
at the upper half of the 0-1 percent forecast range this year. The MAS core
inflation is expected to rise gradually over the course of 2018 to come in at
the upper half of the 1-2 percent forecast range, should economic conditions
evolve as expected.
BSS/XINHUA/HR/1200