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Singapore's inflation dips to 1.2% in July on lower car costs

Published on Aug 25, 2014 1:00 PM
 
Potential buyers at the Nissan showroom in Ubi Road on May 10, 2014. -- PHOTO: ST FILE

SINGAPORE - Lower car prices helped push down Singapore's inflation rate to 1.2 per cent in July from 1.8 per cent the previous month, the Statistics Department said on Monday.

The cost of private road transport, which includes car prices, declined 1.6 per cent in July over the same month last year, reversing from a 2.8 per cent increase in June.

This was due to a high base in July 2013, when Certificate of Entitlement premiums surged, according to a separate statement from the Trade and Industry Ministry and the Monetary Authority of Singapore.

Petrol pump prices also rose at a slower pace of 3.1 per cent last month, compared with 6.4 per cent in June.

 
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