SINGAPORE (Reuters) – Singapore’s core inflation gauge fell to its lowest level in more than a decade in July, official data showed on Monday, amid soft consumer spending due to the coronavirus pandemic and a steep fall in electricity prices.
The measure, which strips out more volatile indicators and is closely watched by the central bank, fell to minus 0.4% year-on-year, hitting its lowest level since January 2010, according to official data.
Economists polled by Reuters had expected a fall to minus 0.3% in the core consumer price index.
Headline inflation also dropped to minus 0.4% year-on-year, data from the trade ministry and the Monetary Authority of Singapore (MAS) showed, compared with economists estimates for a sharper fall to minus 0.65%. Read more…..
Chart of the Day
CNBC’s Kelly Evans discusses the economic recovery with economist Michael Darda of MKM Partners.