Singapore’s consumer prices fell at a greater-than-expected pace in August, due to lower housing and transportation costs.
The consumer price index fell 0.8% year-over-year in August, compared with a median estimate for a 0.5% decline according to six analysts polled by The Wall Street Journal, and a 0.4% fall in July. August marked the tenth consecutive month that the consumer-price index has declined.
The central bank’s core inflation measure, which strips out private road transportation and accommodation costs, rose 0.2% from a year earlier in August, slower than a 0.4% rise in July and a poll prediction of a 0.3% increase.
The cost of housing and utilities, which has an index weighting of 26.3%, fell 3.6% in August from a year earlier due to a decline in both accommodation and utility costs. Transportation costs, which make up 15.8% of the index, fell 2.3% from a year earlier due to cheaper private road transportation.
Food prices, which have a 21.7% weighting in the index, rose 1.9%, data showed.