Singapore's core inflation continues to rise in August

Singapore's core inflation continues to rise in August

23/9/2021 10:04:00 AM

Singapore's core inflation continues to rise in August

SINGAPORE: Consumer prices in Singapore rose again in August, driven by higher food inflation and a smaller decline in the cost of retail and other goods, official data on Thursday (Sep 23) showed. Core inflation inched up 1.1 per cent year-on-year, an increase from the

Core inflation inched up 1.1 per cent year-on-year, an increase from thewhen it rose to a two-year high.Singapore's core inflation, which excludes accommodation and private transport costs, has remained positive for seven consecutive months.The headline consumer price index, or overall inflation, eased slightly to 2.4 per cent in August from 2.5 per cent in July, according to figures from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

New $2.80 Hershey’s Instant Hot Choco Drink Tastes Just Like Starbucks’ Hot Cocoa Trump announces plans to launch new social network 'TRUTH Social' 3 killed in gas explosion at restaurant in China's Liaoning

This reflected lower private transport inflation, which more than offset the rise in core inflation, said MAS and MTI.Related:Singapore's unemployment rate rises in July, ending 8-month improvementHIGHER FOOD PRICESFood inflation rose to 1.5 per cent in August, up 0.4 percentage points from July, as the prices of non-cooked food and prepared meals saw larger increases.

For non-cooked food, this was mainly due to a steeper rise in the cost of fruits, said the authorities.Electricity and gas prices as well as prices of services also rose, but at a slower pace compared to July, recording 9.7 per cent and 1.2 per cent respectively. The latter was due to a steeper fall in telecommunications services fees, said MAS and MTI. headtopics.com

Inflation of retail and other goods stayed negative, but fell at a more gradual pace of 1.0 per cent. This reflected higher price increases for personal effects and a smaller decline in the cost of personal care products, said the authorities.ACCOMMODATION UP, PRIVATE TRANSPORT SLOWS

Accommodation prices rose at a faster pace in August, hitting 1.7 per cent. This was in line with the stronger pick-up in housing rents, said MAS and MTI.The rise in private transport costs slowed to 10.8 per cent, down from 12.6 per cent in July. The authorities attributed this to a smaller increase in car prices and a decline in the cost of other private transport services.

Related:Singapore’s economy still on track for recovery despite ‘stumble’ in Q2 quarterly GDP: ExpertsINFLATION OUTLOOKMAS and MTI projected that core inflation would continue to increase gradually in the coming months. A modest rise in overall inflation is also expected in Q4, supported by accommodation inflation.

The authorities maintained their forecast for core inflation to average 0 to 1 per cent for the whole of 2021, and overall inflation to be between 1 and 2 per cent."Lingering uncertainty" as Singapore transitions to living with COVID-19 could weigh on consumer sentiment and dampen domestic price increases in the near term, said MAS and MTI. headtopics.com

Hometown Cha-Cha-Cha star Kim Seon-ho’s ex-girlfriend responds to controversy COVID-19 recovery poses dire climate, health risks: Lancet Malaysian Singer Namewee Banned On Weibo For “Insulting” China In New Song

Wage increases should also continue to be"restrained" as slack in the labour market would take time to be fully absorbed, they added.The authorities projected that commercial rents would stay low, putting a limit on overall business cost pressures.

But private transport inflation was likely to stay"resilient" due to"firm demand" for cars, they said. Accommodation inflation could also continue to pick up on the back of strong demand for rental housing.As for external inflation, this remained"elevated" but showed signs of moderating, said MAS and MTI.

"Upward pressures on global inflation should ease further over the course of the year. Crude oil prices have declined recently due to concerns over the prospects for the global economy amid the spread of the more contagious Delta variant."Supply-demand mismatches and "bottlenecks" in global transport should ease with a gradual recovery in production and logistics services, they added.

They also expected continued negative output gaps in some of Singapore's key trading partners to help moderate overall import price inflation for the year. Read more: CNA »

Covid-19: S’pore will take 3-6 months to reach ‘new normal’ with trying few months ahead, says PM Lee

SINGAPORE — It will take Singapore at least three to six months to reach a “new normal” where people can resume doing the things they used to do and see crowds again without feeling worried or strange, Prime Minister Lee Hsien Loong said on Saturday (Oct 9).

Thai domestic car sales slump 38.8per cent y/y in AugustBANGKOK : Domestic car sales in Thailand fell 38.8per cent in August from a year earlier to 42,176 vehicles, the Federation of ThaiIndustries (FTI) said in a statement on Thursday.In July, sales dropped 11.62per cent year-on-year. Thailand imposed stricter measures to contain its most severe coronavirus o

Digital doggies: Pet influencers are on the rise in SingaporeWhite terriers Sasha and Piper have earned thousands of dollars endorsing products such as vacuum cleaners and shoes – and are represented by The Woof Agency.

Thai domestic car sales slump 38.8per cent y/y in AugustBANGKOK : Domestic car sales in Thailand fell 38.8per cent in August from a year earlier to 42,176 vehicles, the Federation of ThaiIndustries (FTI) said in a statement on Thursday.In July, sales dropped 11.62per cent year-on-year. Thailand imposed stricter measures to contain its most severe coronavirus o

Shopping Round-Up: New Stores and Product Launches in Singapore That We Are Excited AboutThese new products retail stores in Singapore are worth that trip to the shopping mall

ICA to waive additional fee for Singapore passport and IC collection at post officesSINGAPORE: The Immigration and Checkpoints Authority (ICA) will waive the additional fee for the collection of Singapore passports and identity cards (IC) at 27 designated post offices from Oct 1, said the authority on Wednesday (Sep 22). Currently, Singaporeans and permanent residents have to pay SingPost Will they compensate for those days where one cannot travel due to COVID?

Wildlife Reserves Singapore is looking for a ‘panda intern’You get to spend time around Kai Kai, Jia Jia and their baby boy – and have “Panda Intern” on your resume. 熊貓🐼保姆一點都不簡單