Headline inflation eases to 2.2% YoY in August on lower transport costs

Private transport inflation fell to -1.0%.

The headline inflation rate in Singapore eased to 2.2% YoY in August, according to the Department of Statistics (SingStat).

On an MoM basis, CPI-All Items rose by 0.7%.

SingStat attributed the easing of inflation to the decline in private transport prices, which offset the increase in MAS core inflation.

MAS core inflation expanded to 2.7% YoY from 2.5% YoY in July.

Meanwhile, private transportation inflation fell from 0.9% in July to -1.0% in August due to a steeper decline in car prices.

The only other expenditure division that saw a slower price movement in August was Accommodation, falling from 3.1% YoY to 2.9% YoY.

Both Services and Retail & Other Goods inflation saw increases, with the former rising from 2.9% to 3.3% YoY and the latter from 0.3% to 0.4%.

Meanwhile, inflation rates for Electricity & Gas and Food remained unchanged at 6.6% YoY and 2.7% YoY, respectively.

The Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) expect core inflation to "stay on a gradual moderating trend over the rest of the quarter and step down further in Q4 2024.”

For 2024, MTI and MAS expect headline and core inflation to average 2.0%-3.0% and 2.5%-3.5%, respectively.

Excluding the transitory effects of the 1%-point increase in the GST rate to 9%, the agencies expect headline and core inflation to come in at 1.5%-2.5%.

Follow the link s for more news on

Department of Statistics

MAS

Ministry of Trade and Industry

Singapore inflation

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia