Consumer Price Developments in August 2014
CPI-All Items inflation fell to 0.9% y-o-y in August
CPI-All Items inflation eased to 0.9% in August from 1.2% in July, mainly reflecting a sharper decline in private road transport cost and a more moderate increase in services fees.
Private road transport cost fell by 2.9%, following the 1.6% correction a month earlier, largely due to lower COE premiums in July.1 Petrol pump prices also rose at a slower pace of 0.7%, compared to 3.1% a month ago, on account of the recent weakness in global oil prices.
Services inflation edged down to 2.1% in August from 2.5% in the preceding month, led by more modest increases in the costs of recreation & entertainment and holiday travel.
Accommodation cost declined by 0.2% after coming in flat in July, given the soft housing rental market.
Overall food inflation was slightly lower at 2.9% compared to 3.0% a month ago, as the increase in the prices of prepared meals eased. Non-cooked food prices, however, rose at a quicker pace of 3.4% compared to 2.8% in July, reflecting steeper price increases for seafood and vegetables.
Please click here for the full press release: Consumer Price Developments in August 2014
MONETARY AUTHORITY OF SINGAPORE
MINISTRY OF TRADE AND INDUSTRY
23 September 2014