Singapore’s inflation eases in August ’24

Singapore’s consumer price inflation eased in August, driven by a decline in private transport prices. However, MAS core inflation, excluding volatile items like accommodation and private transport, accelerated.

The Consumer Price Index (CPI)-All Items inflation rate fell to 2.2 per cent year-on-year (y-o-y) in August from 2.4 per cent in July.

This was primarily due to a decrease in private transport prices, which more than offset the increase in core inflation. On a month-on-month (m-o-m) basis, CPI-All Items rose by 0.7 per cent.

Meanwhile, the MAS Core Inflation rose to 2.7 per cent y-o-y in August from 2.5 per cent in July. This increase was largely attributed to higher services inflation. On a m-o-m basis, core CPI picked up by 0.3 per cent.

Attribution: Singapore’s Ministry of Trade & Industry report

Subediting: M. S. Salama