Singapore. Singapore’s basic inflation rate dropped slightly in July to 0.5 percent year-on-year. This rate is 0.1 percent lower than the previous month. This information was jointly released by the Ministry of Commerce and Industry of Singapore and the Monetary Authority of Singapore on Monday.

According to the statement, along with the fall in the prices of retail goods and other consumables, the reduction in inflation in electricity and gas services is the main reason for this overall decline.

On a month-on-month basis, the Consumer Price Index (CPI) declined by 0.1 per cent. Since the index does not include housing and private vehicle related expenses, this figure is seen as a key indicator of inflation generated by domestic demand.

Similarly, headline inflation also declined to 0.6 per cent in July from 0.8 per cent in the previous month. The decline in housing-related inflation has also had a positive impact on it.

The concerned bodies have pledged to adopt necessary strategies to maintain price stability and expressed hope that price levels will stabilise in the coming days.