Singapore Inflation Steady At 0.4%

Headline inflation rose 0.4 per cent on-year, the same pace as in August, latest figures released on Monday (Oct 23) show.

Private road transport inflation eased to 2.1 percent in September from 2.6 percent in the previous month, reflecting a larger decline in vehicle prices and a smaller year-ago increase in petrol prices.

Global oil prices are expected to rise slightly in 2018 after staying in a narrow range in the first nine months of this year.

The headline Consumer Price Index (CPI) was unchanged from the previous month as higher services inflation offset a fall in private road transport inflation, said a joint release from the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).

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The consumer price index rose 0.4% compared with a year ago in September, matching the median estimate from a poll of eight economists by The Wall Street Journal.

But core inflation, which excludes the costs of accommodation and private road transport, was higher at 1.5 per cent in September, faster than the 1.4 per cent in August, due to an increase in services inflation. Accommodation costs fell 0.3 percent m/m amid lingering softness in the home rental market. For 2018, it forecasts 1 per cent to 2 per cent. Private road transport costs contracted 0.3 percent m/m, reflecting both lower auto prices as well as a moderation in COE premiums.

"Private house prices are stabilising, and while rents lag property prices, they should also stabilise in 2018".

On an m/m basis, headline inflation was flat in September compared with a 0.3 percent increase in the preceding month.

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