April CPI Improves On Temporary Factors

Economic Research	24 May 2016
Singapore
Economic Highlights
April CPI Improves On Temporary Factors Singapore’s headline deflation eased to 0.5% y-o-y in April, from a 1.0% fall the month before, underpinned by a modestly smaller decline in accommodation costs. Accommodation charges shrank 0.9% y-o-y, compared to a 3.2% drop the month before as service & conservancy charges (S&CC) rebates which were disbursed in April 2015, were not repeated this year, driving up the cost of housing maintenance and repairs. Meanwhile, cost of private road transport continued to tumble on the back of lower petrol prices and softening Certificate of Entitlement (COE) premiums, thereby capping some of the upside. MAS core CPI, which excludes the costs of accommodation and private road transport, continued to thread higher, rising 0.8% y-o-y, edging higher from its 0.6% gain in March. Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 18 May 2016: April NODX Improved But Road Back To Growth Continues To Be Bumpy 03 May 2016: Public Demand Drove Small Pick-up In M3 As Loan Growth Worsens 27 April 2016: Industrial Production Improved On Electronic and Biomedical Gains 26 April 2016: Lower Oil And Rental Prices Continue To Weigh On Singapore CPI 19 April 2016: March NODX Dives On Broad-based Weakness 15 April 2016: MAS Eases S$NEER After Economy Stalled In 1Q