Singapore’s deflation extends to seventh month in core gauge

24-Sep-2020 Intellasia | Reuters | 6:02 AM Print This Post

Singapore’s main price gauge contracted for the seventh consecutive month in August, data showed on Wednesday, with prices falling 0.3 percent from a year earlier.

Core inflationthe central bank’s favoured price measurewas expected to fall 0.4 percent based on eight economists’ forecasts. The gauge had fallen 0.4 percent in July after entering negative territory in February for the first time in a decade.

Singapore’s headline consumer price index was down 0.4 percent from a year earlier, unchanged from the prior month, data from the trade ministry and the Monetary Authority of Singapore showed. Economists had forecast a 0.5 percent drop.

Authorities in the city-state, battling its deepest ever recession due to the COVID-19 pandemic, expect core and headline inflation to average between 1 percent and 0 percent in 2020.


Category: Singapore

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