On a month-on-month basis, core inflation fell by 0.1 per cent in July, excluding accommodation and private transport.
Overall inflation, as measured by the Consumer Price Index-All Items (CPI-All Items), eased to 0.6 per cent in July from 0.8 per cent in June, due to a fall in accommodation inflation and lower core inflation.
On a month-on-month basis, overall inflation – which excludes non-consumption spending such as purchases of houses, shares and other financial assets and income taxes – fell by 0.7 per cent.
The Consumer Price Index is commonly used in Singapore as a measure of consumer price changes in the economy. It tracks the change in prices of a fixed basket of consumption goods and services commonly bought by the general resident households over time. The CPI-All Items provides a comprehensive overview of the prices of consumer goods and services.
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In July, food inflation edged higher to 1.1 per cent year-on-year compared with 1.0 per cent in June, as the prices of food services and non-cooked food rose at a faster pace.
Private transport inflation went up to 2.1 per cent in July from 2.0 per cent in June, due to a steeper rise in car prices.
The cost of electricity and gas registered a sharper drop, from -3.9 per cent to -5.6 per cent, due to a larger decline in electricity prices.
The prices of retail and other goods declined to -0.5 per cent in July after remaining unchanged in June, because of a drop in the prices of clothing, footwear and household appliances.
Accommodation inflation fell to 0.5 per cent in July from 1.0 per cent in June, on account of smaller increases in housing maintenance and repair costs, as well as housing rents.
Services inflation was unchanged as a drop in the cost of social services and a steeper decline in outpatient care services prices were offset by a smaller decrease in holiday expenses.
