Singapore Inflation Weakest Since Early 2021

(RTTNews) - Singapore's inflation slowed to the lowest in more than four years in August due to the slowdown in services and accommodation costs, official data revealed Tuesday.

Consumer prices logged an annual growth of 0.5 percent in August, slower than the 0.6 percent rise in July, the Monetary Authority of Singapore said. This was the weakest since January 2021, when the rate was 0.2 percent.

On a monthly basis, the consumer price index rose 0.5 percent, offsetting a 0.4 percent fall in July.

MAS core inflation softened to 0.3 percent from 0.5 percent in July. Month-on-month, core consumer prices rose only 0.1 percent.

The increase in services cost slowed to 0.4 percent from 0.7 percent. Cost of accommodation moved up 0.4 percent annually, following a 0.5 percent rise in July. Food inflation held steady at 1.1 percent. The central bank projected both MAS core inflation and overall inflation to average 0.5-1.5 percent in 2025.