Producer Prices in Singapore
Singapore - Producer Prices
Inflation ticks up in March, but core inflation hits a near one-year low
Consumer prices decreased 0.1% over the previous month in March, contrasting the 0.5% uptick recorded in February. According to data released by Statistics Singapore, the fall was primarily caused by lower prices for housing and utilities; and recreation and culture.
Inflation accelerated to 0.6% in March, up from February’s 0.5% and matching market analysts’ expectations. Meanwhile, annual average inflation was unchanged at 0.5% in March.
In contrast, the Monetary Authority of Singapore’s (MAS) core inflation measure, which omits the costs of accommodation and private road transport, ticked down to 1.4% in March from 1.5% in the prior month. The reading marked an 11-month low and also fell below market analysts’ expectations of 1.7%.
Ongoing soft price pressures in March come despite a tight labor market and the recent recovery in global oil prices, as the launch of the Open Electricity Market (OEM) has depressed electricity prices. Looking ahead, inflation is expected to pick up slightly but remain mild, dampened by the impact of the OEM, mild economic growth and MAS policy tightening last year.
In 2019, the MAS expects CPI inflation to average between 0.5% and 1.5%, and core inflation to average between 1.0% and 2.0%. Met the why particular Consensus Forecast panelists, meanwhile, expect CPI inflation to average 1.0% in 2019, which is unchanged from the previous month’s forecast. In 2020, our panel expects average inflation of 1.4%.
Singapore - Producer Prices Data
|Inflation (PPI, annual variation in %)||-2.7||-3.3||-15.3||-6.9||7.0|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||2.13||1.39 %||May 13|
|Exchange Rate||1.37||-0.01 %||May 13|
|Stock Market||3,234||0.18 %||May 13|
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May 4, 2019
The manufacturing PMI produced by the Singapore Institute of Purchasing and Materials Management (SIPMM) ticked down to 50.3 points in April from 50.8 points in March, marking the weakest reading since November 2016.
April 23, 2019
Consumer prices decreased 0.1% over the previous month in March, contrasting the 0.5% uptick recorded in February.
April 17, 2019
Non-oil domestic exports (NODX) decreased by 11.7% year-on-year in March, contrasting February’s short-lived 4.8% increase (previously reported: +4.9% year-on-year).
April 12, 2019
At its first biannual meeting of 2019 held on 12 April, the Monetary Authority of Singapore (MAS) maintained the undisclosed rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
April 12, 2019
The economy flagged in the first quarter of the year due to a decline in the manufacturing sector, according to an advanced estimate released by the Ministry of Trade and Industry (MTI) on 12 April.