FW: RHB | Singapore | August CPI Remained Muted

 

 

 

 

Economic Research			26 September 2017
Singapore
Economic Update
August CPI Remained Muted   Singapore’s CPI decelerated to 0.4% YoY in August, from the +0.6% reading the month before. The moderation in inflation was due to softer increases in transport and food prices. Meanwhile, housing & utilities costs fell at a slower clip, cushioning some of the downside. Core CPI eased to +1.4% YoY in August, from +1.6% the month before, on account of lower food and retail inflation. Going forward, CPI is envisaged to move higher underpinned by a pick-up in the external outlook as well as higher crude oil prices. However, any gain would be capped by slack labour conditions as well as dissipation of previous government measures. We lower our inflation forecast to 0.8% for 2017, from +1.2% previously, and compared to -0.5% for each of the last two years. For 2018, we expect inflation rate to pick up to 1.6%.   Economist:  Ng Kee Chou | +603 92802179
To access our recent reports please click on the links below: 19 September 2017: August NODX Surged On Semiconductor, PC Demand 5 September 2017: Loan Growth Softened In Financial, Commerce Sectors 28 August 2017: Robust Semiconductor Activity Propels July IPI 24 August 2017: July CPI Rises On Retail And Transport Improvements 18 August 2017: July NODX Slowed Slightly, E&E Rebounded 14 August 2017: 2Q GDP Revised Higher On Stronger Services Output
Economics Team
Peck Boon Soon	Chief ASEAN Economist	bspeck@rhbgroup.com		+603 9280 2163
Vincent Loo Yeong Hong	Malaysia, Vietnam	vincent.loo@rhgroup.com		+603 9280 2172
Ng Kee Chou	Singapore, Thailand	ng.kee.chou@rhbgroup.com		+603 9280 2179
Rizki Fajar	Indonesia, Philippines	rizki.fajar@rhbgroup.com		+6221 2970 7065
Aris Nazman Maslan	Malaysia, Vietnam	mohd.aris.nazman@rhbgroup.com		+603 9280 2184

 

 

 

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