Inflation eases to 4.0% in August

MTI attributed the moderation to lower core and accommodation inflation.

The rate of price increase eased to 4.0% in August 2023, data from the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) showed.

In July 2023, inflation was at 4.1%.

The moderation of the headline or consumer price index (CPI)-all items inflation was due to the lower core (3.4% YoY from 3.8% YoY) and accommodation (4.4% YoY from 4.6% YoY) inflation.

Other expenditure divisions which saw a decline in the rate of price increase were services (3.1% YoY from 3.6% YoY), food (4.8% YoY from 5.3% YoY), and retail (2.0% YoY from 2.6% YoY).

Electricity and gas costs also declined in August, albeit at a slower pace (-1.4% YoY in August vs. -1.6% in July).

Private transport inflation, on the other hand, picked up to 6.3% YoY as " car prices saw a steeper increase while petrol prices
recorded a smaller decline."

For 2023, MAS and MTI expect headline inflation and core inflation to average 4.5%–5.5% and 3.5%–4.5%, respectively

Follow the link s for more news on

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