Singapore Inflation March 2020


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that due to the health crisis the collection of data has been impacted; as such, some missing price observations have been replaced by prices from other sources (such as online sources) or prices for similar goods and services.

FocusEconomics Consensus Forecast panelists expect CPI inflation to average 0.5% in 2020, which is down 0.4 percentage points from the previous month’s forecast. In 2021, our panel expects average inflation of 1.4%.

Author:, Economist

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Singapore Inflation Chart

Singapore Inflation March 20 20

Note: Annual and monthly variation of consumer price index in %.
Source: Statistics Singapore (Singstat).

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