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Singapore August core inflation remains at three-year low

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09/23/2019 | 01:13am EDT
People shop for food at a supermarket in Singapore

SINGAPORE (Reuters) - Singapore's core inflation gauge in August remained at a 3-year low, rising 0.8% from a year earlier, the same pace as the previous month, data showed on Monday.

The reading was in line with analysts' expectations in a Reuters poll.

The headline consumer price index in August rose 0.5% in August from a year earlier, also as expected, data showed on Monday.

In July, headline CPI rose 0.4% on-year.

Core inflation is the Monetary Authority of Singapore's preferred price gauge for setting monetary policy. It excludes changes in the price of cars and accommodation, which are influenced more by government policies.

Singapore last month slashed its full-year economic growth forecast as global conditions were seen worsening and data confirmed the slowest growth in a decade, amid mounting fears of a recession in the city-state.

Analysts expect that the central bank will loosen policy later this year.

(Reporting by Fathin Ungku; Editing by Kim Coghill)

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