Housing costs decline 2% in June

After posting a 0.1% growth in the preceding month.

The cost of housing & utilities slipped 2% YoY in June, largely due to a higher base effect caused by timing differences for the disbursement of service and conservancy charges (SC&C) rebates.

According to RHB, this came after the 0.1% growth in May.

"The volatile nature of 2Q housing & utilities costs is largely due to the base effect caused by timing differences for the disbursement of S&CC rebates. The base effect dissipated in June," RHB noted.

To recall, Singapore's consumer price index (CPI) eased 0.5% in the said month, down from the 1.4% reading in the preceding month. The decline in housing costs contributed to the easing in CPI.