Summary

• MAS Core Inflation came in at ‐0.3% on a year‐on‐year (y‐o‐y) basis in August, compared to ‐0.4% in July.
  o The moderation in the pace of decline was mainly driven by smaller falls in the costs of services, retail & other goods, as well as electricity & gas.
• CPI‐All Items inflation was unchanged at ‐0.4% y‐o‐y in August.
  o This occurred as a steeper fall in private transport costs offset the more moderate decline in core CPI components.

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