, Singapore
Photo from Pexels

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%.

Follow the link s for more news on

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Chinese fine dining finds its next course in Singapore
The city-state’s high spending power and big Chinese commune make it an ideal entry point.
Food & Beverage
ArrowBiome develops technology to kill specific bacteria in humans
The Singapore startup focuses on the personal care market but may expand to gut health soon.
Healthcare
Mediation drives legal hiring growth in Singapore
Corporate and commercial law is also set to boost hiring in 2025 amid M&As.
HR & Education