Singapore: Inflation resumes downward trend
May 23, 2011
In April, consumer prices added 0.3% over the previous month, which came in above the 0.1% price rise registered in March. In line with developments around the world, the monthly hike reflected higher prices for transportation as well as for food, which were partially offset by lower prices for housing as well as for clothing and footwear. Owing to the subdued monthly rise, annual inflation dropped from 5.0% in March to 4.5% in April, which was just a notch above market expectations. Monetary authorities tightened their policy stance on 14 April, when they re-centered the Singapore dollar policy band upwards. Meanwhile, annual average inflation, which is the reference for monetary policy decisions, inched up from 3.9% in March to 4.0% in April.