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Singapore's CPI falls for 21st month in July

Xinhua, August 23, 2016 Adjust font size:

Singapore's consumer price index in July fell again by 0.7 percent, the 21st straight month of decline, according to the latest data released by Singapore's Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) on Tuesday.

The consumer price index came in at minus 0.7 percent in July on a year-on-year basis, compared with minus 0.3 percent in June, as a smaller decline in the cost of private road transport offset the impact of lower retail goods prices, said MTI and MAS in the joint media release.

MAS core inflation, which excludes the cost of accommodation and private road transport, fell slightly to 1 percent from 1.1 percent in June, due to the fall in retail goods prices.

Private road transport cost fell by 4.4 percent, compared to the 5.7 percent decrease in June, largely due to a smaller decline in car prices from a year ago.

Food inflation rose 2.1 percent from 2 percent in the previous month. Although there was a stronger pickup in the cost of non-cooked food items, it was offset by a smaller increase in the price of restaurant food.

For the whole year of 2016, the authorities forecasted that MAS core inflation is likely to be around 1 percent, while CPI-All Items inflation is projected to rise in the coming months, hovering around minus 1 to 0 percent. Endit