SINGAPORE (Bernama) – Singapore’s consumer price index (CPI)-all items inflation eased to 0.9 per cent in August from 1.2 per cent in July, mainly reflecting a sharper decline in private road transport cost and a more moderate increase in services fees.
In a joint statement, the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said private road transport cost fell by 2.9 per cent, following the 1.6 per cent correction a month earlier, largely due to lower certificate of entitlement (COE) premiums in July.
Petrol pump prices also rose at a slower pace of 0.7 per cent, compared to 3.1 per cent a month ago, on account of the recent weakness in global oil prices. Services inflation edged down to 2.1 per cent in August from 2.5 per cent in the preceding month, led by more modest increases in the costs of recreation & entertainment and holiday travel.
Accommodation cost declined by 0.2 per cent after coming in flat in July, given the soft housing rental market.
Overall food inflation was slightly lower at 2.9 per cent compared to 3.0 per cent a month ago, as the increase in the prices of prepared meals eased. Non-cooked food prices, however, rose at a quicker pace of 3.4 per cent compared to 2.8 per cent in July, reflecting steeper price increases for seafood and vegetables.
CPI less imputed rentals on owner-occupied accommodation (CPI-ex OOA) rose at a slower pace of 1.2 per cent in August.