Economist at UOB Group Barnabas Gan assessed the recent inflation figures in Singapore. Key Quotes “Singapore’s consumer prices fell 0.4% y/y (+0.6% m/m nsa) in August, marking its sixth straight month of deflation. Core prices also declined 0.3% y/y in the same month, albeit a smaller contraction versus July’s -0.4% y/y.” “Deflation unsurprisingly persisted in August 2020 given lower oil prices, amid a lacklustre consumer demand and a non-existent tourism spending. Lower prices in clothing & footwear continued (17th straight month of decline), while transport prices softened for its 5th consecutive month.” “Official rhetoric by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) continued to highlight a “subdued” inflation outlook in 2020. Official outlook for both headline and core inflation has been kept unchanged at an average of between – 1.0% and 0.0% in 2020.” “Note that improving global supply conditions may cap the increase in food prices going forward. Low oil prices will likely persist into 2020/2021, amid relatively weaker labour condition which could pressure domestic consumption demand.” “As such, we continue to expect deflationary pressures to persist for the rest of this year. The mix of falling domestic and tourism-led demand, coupled with low oil prices for the rest of 2020, are formidable headwinds against consumer prices. We keep our full-year headline and core inflation forecasts at -0.3% in 2020.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Japan’s Govt maintains economic assessment, upgrades view on exports and output FX Street 2 years Economist at UOB Group Barnabas Gan assessed the recent inflation figures in Singapore. Key Quotes “Singapore’s consumer prices fell 0.4% y/y (+0.6% m/m nsa) in August, marking its sixth straight month of deflation. Core prices also declined 0.3% y/y in the same month, albeit a smaller contraction versus July’s -0.4% y/y.” “Deflation unsurprisingly persisted in August 2020 given lower oil prices, amid a lacklustre consumer demand and a non-existent tourism spending. Lower prices in clothing & footwear continued (17th straight month of decline), while transport prices softened for its 5th consecutive month.” “Official rhetoric by the Monetary Authority of Singapore… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.