Singapore’s inflation drops for 4th straight month
Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August, however, economists believe the trend could falter if oil prices continue to rise, and disruptive weather patterns lead to higher food prices.
Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August. (Photo: The Straits Times)
Singapore (VNA) – Consumer prices in Singapore rose at a slowerpace for a 4th consecutive month in August, however, economistsbelieve the trend could falter if oil prices continue to rise, and disruptiveweather patterns lead to higher food prices.
According to the Singapore Department of Statistics, core inflation, excludingprivate transport and accommodation costs to better reflect the expenses ofSingapore households, dropped to 3.4% year-on-year in August, the lowest levelin over one year.
The overall consumer price index (CPI) also edged down, to 4% in August from4.1% in July, as declines in core and accommodation inflation more than offsetthe rise in prices of private transport.
In a joint media statement released on September 25, the Monetary Authority ofSingapore (MAS) and the Ministry of Trade and Industry (MTI) said coreinflation is expected to moderate further over the next few months as importedcosts stay low compared with year-ago levels, and the current tightness in thedomestic labour market eases.
They also maintained their forecasts for overall inflation for 2023 between4.5% and 5.5%, while core inflation was pegged at between 3.5% and 4.5%.
Maybank economist Chua Hak Bin told Straits Times that inflation might not easeas quickly for the rest of the year as energy and food prices have rebounded.
The impending GST and carbon tax hike on January 1 next year may also triggeranother jump in consumer prices, he said.
Meanwhile, DBS Bank economist Chua Han Teng said sees upside risks from therecent uptick in global oil prices due to Opec supply cuts, and potentialglobal food price shocks from El Nino weather disruptions./.
Singapore has for the first time overcome Hong Kong (China), London (UK) and New York (US) to become the most expensive city for an upper-class lifestyle, according to the 2023 Global Wealth and Lifestyle Report released recently by Julius Baer Group based in Switzerland.
The Asian Development Bank (ADB) and the Energy Market Authority (EMA) of Singapore have signed an MoU that paves the way for the development of renewable energy generation and transmission across the Association of Southeast Asian Nations (ASEAN) region.
The Africa Singapore Business Forum (ASBF) 2023 kicked off in the city state on August 29 under the theme “Driving Africa’s Growth through Digitalisation, Manufacturing and Sustainability”.
Singaporean media on September 20 reported local police have seized or frozen more than 1.76 billion USD worth of assets in one of the biggest money laundering cases ever uncovered in the city-state.
Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
The 2025 ASEAN Business Community Development (ABCD) Forum, themed “Empowering ASEAN's Next Leap: Digital, Sustainable & Entrepreneurial Transformation” brought together ministers, CEOs, and top industry experts to discuss key regional economic priorities.
The DES Ministry will seek cooperation from social media platforms to prevent the spread of fake news and monitor accounts related to such activities, he told reporters after chairing a meeting of the newly established Anti-Fake News Centre (AFNC).
The Joint Standing Committee on Commerce, Industry and Banking identified the US tariff reduction as a significant driver behind the improved economic outlook for Thailand.
Financial institutions and financial technology (fintech) players are intensifying their focus on expanding across the Association of Southeast Asian Nations (ASEAN), adopting tailored strategies to strengthen their presence in the region’s digital financial services landscape.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
Consumer prices in Singapore rose at a slower pace for a 4th consecutive month in August. (Photo: The Straits Times) 
