Singapore: Multi-year low in annual consumer prices in February
March 23, 2016
In February, consumer prices fell 0.1% over the previous month, which followed the 0.2% decrease tallied in January. According to Statistics Singapore, February’s reading mainly reflected a fall in prices of transport as well as housing and utilities.
Consumer prices fell 0.8% annually in February, which was a more pronounced drop than January’s 0.6% fall and marked the lowest reading since October 2009. The reading undershot market expectations of a slightly softer 0.7% decrease. The annual average variation in consumer prices was minus 0.6%, down from January’s minus 0.5% and marking a multi-year low.
The Monetary Authority of Singapore’s (MAS) core inflation measure, which excludes the cost of accommodation and private road transport, inched up from 0.4% in January to 0.5% in February.