Singapore CPI inflation lowest since August 2021

Annual consumer inflation in Singapore has slowed to 2.4% in June from 3.1% in May, data by Statistics Singapore showed.

It has been the lowest level since August 2021.

The actual figure compares with market consensus of 2.7%.

Last month, inflation eased for:

– housing & utilities (3.7% YoY from 3.8% YoY in May);
– transport (0.3% YoY from 2.9% YoY in May);
– recreation & culture (4.7% YoY from 5% YoY in May);
– healthcare (3.8% YoY from 4.8% YoY in May);
– miscellaneous goods & services (0.8% YoY from 1.6% YoY in May).

At the same time, inflation remained stable for food, at 2.8% YoY, and for education, at 3.3% YoY.

Meanwhile, annual core CPI inflation eased to 2.9% in June from 3.1% in the preceding three months. It has been the lowest core inflation rate since March 2022.

The Singapore Dollar was little changed against its US counterpart on Tuesday, with the USD/SGD currency pair last trading at 1.3460.