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Singapore’s negative inflation ends as consumer prices stop falling in November

Friday, 23 December 2016

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SINGAPORE – After 24 straight months of sliding readings, the Singapore consumer price index, the main measure of inflation, was flat in November compared with the same month a year ago.

Lower oil prices, and falling car prices and accommodation costs, partly due to the soft property market, have been the main drivers behind this two-year bout of negative inflation.

The consumer price index has fallen 0.6% in the January to November period compared with last year.

November’s non-negative reading mainly reflected a pick-up in services and food inflation, said the Monetary Authority of Singapore and the Trade and Industry Ministry in a joint statement on Friday (December 23).

Food inflation edged up to 2% from 1.9% in the previous month, due to a larger increase in the prices of non-cooked food items such as vegetables and fruits.

Overall services inflation also ticked up in November to 1.5% over a year ago. This was due partly to the progressive phasing down of subsidies for MediShield Life premiums, which contributed to the rise in the cost of medical and dental treatment.

These contributed to core inflation, which strips out accommodation and private road transport costs to better gauge everyday expenses, rising to 1.3% in November from October’s 1.1%.

Source by: Internet

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