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Singapore July CPI -0.7% On Year; Poll Tipped -0.5%

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by August 23, 2016 General

By Gaurav Raghuvanshi
SINGAPORE–Singapore’s consumer prices fell more than expected in July due to a continued drag from the transportation and housing segments, official data showed Tuesday.The consumer price index fell 0.7% year-on-year in July, compared with the median estimate for a 0.5% decline in a poll of economists by The Wall Street Journal, and matching a 0.7% fall in June.The cost of transportation, which has an index weighting of 15.8%, fell 3.5% in July, the data showed. Housing and utilities costs, which make up 26.3% of the index, declined 4.3% on year.Food prices, which have a 21.7% weighting in the index, rose 2.1% on year in July, the data showed.The Monetary Authority of Singapore’s core inflation measure, which excludes private road transport and accommodation prices, edged lower to 1.0% from 1.1% in June.Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

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