Singapore: Consumer prices record fifth consecutive year-on-year fall in March
April 23, 2015
In March, consumer prices rose 0.2% over the previous month, inching up from the 0.1% increase tallied in February. According to Statistics Singapore, March’s increase was driven by higher prices in clothing and transport. Conversely, food, housing and services recorded lower prices than in the previous month.
Consumer prices fell 0.3% annually in March, mirroring February’s result and slightly overshooting the 0.5% decline that the markets had expected. As a result of March’s decrease, annual average inflation inched down from February’s 0.8% to 0.7%, which marked the lowest level in almost five years.
The Monetary Authority of Singapore’s (MAS) annual core inflation measure, which excludes the cost of accommodation and private road transport, decreased from 1.3% in February to 1.0% in March.
Author: Eric Denis , Economist