Illustrative image (Photo: AFP) Singapore (VNA) - Singapore's core inflation fell to more than a three-year low in Julyand below economists' forecasts.
According to the Ministry of Trade and Industry(MTI) and the Monetary Authority of Singapore (MAS), core inflation,which strips out private road transport and accommodation costs, dropped to 0.8percent in July, equivalent to that in April 2014.
The easing in core inflation was due to a fallin prices of retail and other goods, a larger decline in electricity and gas costsand lower service inflation.
The inflation figures were below what analysts polled by Bloomberg hadforecast. They had tipped overall inflation to come in at 0.5 percent andcore inflation to ease to 1.0 percent.
Economists previously said that they expect Singapore's central bank to easemonetary policy at its semi-annual meeting in October, a move that seemsincreasingly likely, given the latest inflation figures and the darker economicoutlook.
Earlier this month, Singapore slashed its forecast for economic growththis year to between zero and 1 percent from 1.5 percent to 2.5 percent, andits prediction for shipments of non-oil domestic exports to minus 9 to minus 8percent.-VNA
According to the Ministry of Trade and Industry(MTI) and the Monetary Authority of Singapore (MAS), core inflation,which strips out private road transport and accommodation costs, dropped to 0.8percent in July, equivalent to that in April 2014.
The easing in core inflation was due to a fallin prices of retail and other goods, a larger decline in electricity and gas costsand lower service inflation.
The inflation figures were below what analysts polled by Bloomberg hadforecast. They had tipped overall inflation to come in at 0.5 percent andcore inflation to ease to 1.0 percent.
Economists previously said that they expect Singapore's central bank to easemonetary policy at its semi-annual meeting in October, a move that seemsincreasingly likely, given the latest inflation figures and the darker economicoutlook.
Earlier this month, Singapore slashed its forecast for economic growththis year to between zero and 1 percent from 1.5 percent to 2.5 percent, andits prediction for shipments of non-oil domestic exports to minus 9 to minus 8percent.-VNA
VNA
