Xinhua
23 Sep 2020, 13:00 GMT+10
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.
Get a daily dose of Singapore Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Singapore Star.
More InformationBRUSSELS, Belgium: Meta is holding firm on its controversial pay-or-consent model, a move that could lead to fresh antitrust charges...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
The family of Sayfollah Saif Musallet, a 20-year-old American citizen who was beaten to death by Israeli settlers in the occupied West...
CONCORD, New Hampshire: A federal judge in New Hampshire issued a crucial ruling on July 10 against President Donald Trump's executive...
DUBAI, U.A.E.: A cargo ship flagged under Liberia, known as the Eternity C, sank in the Red Sea following an attack executed by Yemen's...
WASHINGTON, D.C.: The Trump administration has started sending some weapons to Ukraine again, just a week after the Pentagon told officials...
NEW YORK CITY, New York: Bitcoin surged to a new all-time high this week, buoyed by growing institutional interest and a wave of pro-crypto...
SHENZHEN, China: As global chip competition intensifies, Huawei Technologies is exploring new markets in the Middle East and Southeast...
LONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
BATTLE CREEK, Michigan: In a major consolidation of iconic food brands, WK Kellogg has agreed to be acquired by the owner of Ferrero...
WASHINGTON, D.C.: Filmmaker Peter Jackson's lifelong fascination with the extinct giant New Zealand flightless bird called the moa...
NEW DELHI, India: India has submitted a revised proposal to the World Trade Organization (WTO) in Geneva to implement retaliatory tariffs...