Monday, September 26, 2016

Smaller Fall In August CPI As Road Tax Rebate Expires

Economic Research
26 September 2016

Economic Highlights

Singapore’s consumer price index (CPI) fell 0.2% y-o-y in August, easing from a 0.6% drop the month before, after transportation costs declined at a significantly slower pace than the month before. Core CPI rose 1.0% y-o-y for the second consecutive month in August, inching lower from its +1.1% climb in June

Inflation is expected to continue to pick up in the coming months, underpinned by a low base effect for oil prices and expiry of government rebates. However, any gains are likely to be constrained by weak economic growth. We maintain our forecast for CPI to decrease 0.6% in 2016, from -0.5% last year.

Economist:  Ng Kee Chou | +603 92802179

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