Sat, 24 Oct 2020

SINGAPORE, Sept. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in a joint press release on Wednesday that Singapore's consumer price index for all items (CPI-All Items) inflation was unchanged at -0.4 percent in August.

This is the fifth successive month for Singapore to see negative CPI-All Items inflation. The two authorities said a steeper fall in private transport costs offset the more moderate decline in core CPI components in the month.

According to the press release, Singapore's private transport costs fell by 2.3 percent in August, compared to a 2.1-percent decline in July. That was mainly due to a decrease in car price inflation.

Meanwhile, the MAS core inflation, which excludes the costs of accommodation and private road transport, came in at -0.3 percent on a year-on-year basis in August, compared to -0.4 percent in July. The moderation in the pace of decline was mainly driven by smaller falls in the costs of services, retail and other goods, as well as electricity and gas.

The cost of services fell by 0.5 percent in August, compared to a 0.8 percent decline in July. The decline eased due to a smaller fall in point-to-point transport services costs and a larger increase in telecommunication services fees.

The cost of retail and other goods recorded a smaller decline of 1.3 percent in August, compared to a 1.6-percent decline in July. The decline eased as the prices of clothing, footwear and recreational goods fell at a more moderate pace.

The cost of electricity and gas fell by 14.6 percent in August, compared to a 15.2-percent decline in July. The slower decline was attributed to the fact that the take-up of new subscriptions under the Open Electricity Market eased.

MTI and MAS reiterated in the press release that Singapore's inflation is expected to remain subdued overall. Both MAS Core Inflation and CPI-All Items inflation are forecast to average between -1 percent and 0 in 2020.

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