Singapore: Annual variation in consumer prices hits over-five-year low in April
May 25, 2015
In April, consumer prices decreased 0.6% over the previous month, contrasting the 0.2% increase tallied in March. The reading marked the sharpest decline in two years. According to Statistics Singapore, April’s fall was driven by a faster drop in prices of oil-related items and a moderation in services inflation.
Consumer prices fell 0.5% annually in April, which followed March’s 0.3% drop. The reading marked the fastest decrease since December 2009 and undershot the 0.1% decline that the markets had expected. As a result of April’s decrease, annual average inflation inched down from March’s 0.7% to 0.5%, which marked a five-year low.
The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, decreased from 1.0% in March to 0.4% in April.
Author: Eric Denis , Economist