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Singapore Inflation Rises Slightly In August

Singapore's inflation rose slightly in August mainly on account of a more gradual decline in accommodation costs, monthly data from Monetary Authority of Singapore and the Ministry of Trade and Industry showed Monday.

Consumer price inflation edged up to 0.7 percent in August, in line with expectations, from 0.6 percent in July.

Accommodation costs fell 2.6 percent annually in August, moderating from the 3.0 percent decline in July. At the same time, private road transport costs decreased 0.2 percent. Food inflation edged up to 1.7 percent from 1.5 percent in the preceding month.

MAS core inflation, which excludes the costs of accommodation and private road transport, came in at 1.9 percent, unchanged from the previous month, as higher retail and food inflation offset a moderation in services inflation.

On a month-on-month basis, overall consumer prices rose 0.4 percent in August, reversing the 0.1 percent decline in July. Meanwhile, MAS core inflation remained flat after gaining 0.5 percent a month ago.

MAS core inflation is expected to rise gradually over the course of 2018 to average in the upper half of the 1-2 percent forecast range for the full year. Similarly, overall inflation is projected to be within the upper half of the 0-1 percent forecast range this year.

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