Singapore Inflation April 2020


Singapore: Consumer prices record largest decline since May 2016 in April

May 26, 2020

Consumer prices dropped 0.92% in April over the previous month, a sharper drop then March's 0.30% fall. April's result marked the sharpest fall in prices since April 2013. Behind the reading, were sharp drops in prices for transport, clothing and footwear, and recreation and culture goods.

Consumer prices dropped 0.7% year-on-year in April, contrasting March’s flat reading. April's reading marked the first drop in prices since October 2016 and was partly due to falling oil prices and prices for retail goods amid the Covid-19 pandemic. Accordingly, annual average inflation edged down to 0.4% in April (March: 0.5%). Lastly, the Monetary Authority of Singapore’s measure of core prices, which excludes accommodation and private road transport, fell 0.3% year-on-year in April, down from the prior month’s 0.2% drop.

FocusEconomics Consensus Forecast panelists expect consumer prices to fall 0.4% in 2020, which is unchanged from the previous month’s forecast. In 2021, our panel expects inflation of 0.9%.


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Singapore Inflation Chart

Singapore Inflation April 20 20

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

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