Singapore: Consumer prices flatline in annual terms in March
April 23, 2020
Consumer prices fell 0.3% month-on-month in March, swinging from the 0.1% rise in February. This came on the back of notably lower prices for transport, influenced by cheap oil and weaker domestic activity owing to the Covid-19 pandemic. Moreover, prices for food, and housing and utilities flatlined.
Meanwhile, consumer prices were flat over a year ago. As such, annual average inflation inched down from 0.6% in February to 0.5% in March. Lastly, the Monetary Authority of Singapore’s measure of core prices, which excludes accommodation and private road transport, fell 0.2% year-on-year in March, down from the prior month’s 0.1% drop.
It should be noted, however, that due to the health crisis the collection of data has been impacted; as such, some missing price observations have been replaced by prices from other sources (such as online sources) or prices for similar goods and services.
Author: Jan Lammersen, Economist