Headline inflation eases to 2.2% YoY in August on lower transport costs

Private transport inflation fell to -1.0%.

The headline inflation rate in Singapore eased to 2.2% YoY in August, according to the Department of Statistics (SingStat).

On an MoM basis, CPI-All Items rose by 0.7%.

SingStat attributed the easing of inflation to the decline in private transport prices, which offset the increase in MAS core inflation.

MAS core inflation expanded to 2.7% YoY from 2.5% YoY in July.

Meanwhile, private transportation inflation fell from 0.9% in July to -1.0% in August due to a steeper decline in car prices.

The only other expenditure division that saw a slower price movement in August was Accommodation, falling from 3.1% YoY to 2.9% YoY.

Both Services and Retail & Other Goods inflation saw increases, with the former rising from 2.9% to 3.3% YoY and the latter from 0.3% to 0.4%.

Meanwhile, inflation rates for Electricity & Gas and Food remained unchanged at 6.6% YoY and 2.7% YoY, respectively.

The Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) expect core inflation to "stay on a gradual moderating trend over the rest of the quarter and step down further in Q4 2024.”

For 2024, MTI and MAS expect headline and core inflation to average 2.0%-3.0% and 2.5%-3.5%, respectively.

Excluding the transitory effects of the 1%-point increase in the GST rate to 9%, the agencies expect headline and core inflation to come in at 1.5%-2.5%.

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