Economic Research | 24 August 2017 | |||
Singapore | ||||
Economic Update | ||||
July CPI Rises On Retail And Transport Improvements Singapore’s CPI inched up to +0.6% YoY in July, driven by quicker increases in transport and retail prices. Meanwhile, housing & utilities costs slumped, capping some of the upside. Core CPI inched higher to +1.6% YoY in July, due to higher water and services prices. Although consumer sentiment picked up in July, we suspect it may be temporary. Slow-moving labour conditions may curb a demand-pull inflation in the coming months. Nevertheless, administrative price adjustments as well as higher water tariffs would add to domestic inflationary pressures. Meanwhile, resilient exports, and the overall higher crude oil prices may also support prices. Overall, we maintain our projection for the CPI to rise 1.2% in 2017, compared to -0.5% for each of the last two years. Economist: Ng Kee Chou | +603 92802179 | ||||
To access our recent reports please click on the links below: 18 August 2017: July NODX Slowed Slightly, E&E Rebounded 14 August 2017: 2Q GDP Revised Higher On Stronger Services Output 01 August 2017: Stronger Foreign Inflows Boost June M3 Growth 27 July 2017: June IPI Surges As Underperformers Rebound 25 July 2017: June CPI Rose 0.5% YoY; Consumer Sentiment Weak 18 July 2017: NODX Surges On Machinery Rebound, E&E Slows | ||||
Economics Team | ||||
Lim Chee Sing | Chief Economist | +603 9280 2153 | ||
Peck Boon Soon | Chief ASEAN Economist | +603 9280 2163 | ||
Vincent Loo Yeong Hong | Malaysia, Vietnam | +603 9280 2172 | ||
Ng Kee Chou | Singapore, Thailand | +603 9280 2179 | ||
Zhang Fan | China | +8621 6288 9611 | ||
Rizki Fajar | Indonesia, Philippines | +6221 2970 7065 | ||
Aris Nazman Maslan | Malaysia, Vietnam | +603 9280 2184 | ||
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