Singapore's core inflation gauge hits lowest in over eight years

Credit: REUTERS/EDGAR SU

Singapore's core inflation gauge fell to its lowest level since at least 2012 in July, official data showed on Monday.

SINGAPORE, Aug 24 (Reuters) - Singapore's core inflation gauge fell to its lowest level since at least 2012 in July, official data showed on Monday.

The measure closely-watched by the central bank fell 0.4% year-on-year SGCPYY=ECI, hitting its lowest level since January 2012, the earliest date in Eikon data.

Economists polled by Reuters had expected a 0.3% fall in the core consumer price index (CPI).

Headline inflation dropped 0.4% year-on-year, data from the trade ministry and the Monetary Authority of Singapore showed, compared with economists estimates for a sharper 0.65% fall. SGGDQY=ECI

Authorities in the city-state, battling its deepest ever recession due to the coronavirus pandemic, expect core and headline inflation to average between -1% and 0% in 2020.

(Reporting by John Geddie; Editnig by Kim Coghill)

((John.Geddie@thomsonreuters.com; +65 6403 5578;))

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