Singapore's CPI hit 21st month of decline

Consumer prices dipped 0.7%.

The city-state's consumer price index (CPI) has been on the downtrend for the past 21 months, falling again in July by 0.7%.

According to the data release by the Department of Statistics, overall consumer prices slipped 0.7% YoY. It fell 0.3% over the recorded CPI in June.

Under the housing & utilities division, the costs for fuel and utilities sinks 8.9%; accommodation falls 2.6%.

The transport division also posed dips across the board, with private road transport costs declining by 4.4%, public road transport by 0.8% and other transport and travel by 1.8%.

However, the data showed some increases as well including in the food division, where prices rose 2.1% YoY in July.

Meanwhile, the cost of household durables and services spikes 3.2%. Healthcare also shoots up, albeit at a measly 0.4%.

According to SingStat, the CPI "measures the average price change in a fixed basket of consumption goods and services commonly purchased by resident households over time. It is commonly used as a measure of consumer price inflation."