Singapore Consumer Prices Rise at Slower Pace in August

Singapore saw a slower pace of consumer price growth in August, driven by lower core and accommodation inflation. However, this was partly offset by an increase in private transportation costs.

According to the Department of Statistics, the consumer price index (CPI) rose 4.0% compared to the same period last year. This is slightly lower than the 4.1% growth recorded in July and aligns with the median estimate of a 4.05% increase in a survey of eight economists conducted by the Wall Street Journal.

Transportation costs, which account for 17.07% of the index, experienced a 4.8% increase in August, up from the 3.7% rise in July. Meanwhile, housing and utilities costs, representing 24.84% of the index, grew by 3.8% compared to July's 3.9% increase. Food prices, with a weighting of 21.10%, also saw a slight slowdown in growth, rising by 4.8% in August compared to a 5.3% increase in July.

The core CPI, which excludes costs related to private road transport and accommodation, rose by 3.4%. This is a decrease from the 3.8% growth seen in July and aligns with the median estimate of a 3.55% increase from the Wall Street Journal survey.