Inflation books 17th straight month of contraction with 1% fall in March

On back of hefty decline in transport costs.

Singapore consumer price index (CPI) has booked its 17th straight month of contraction with 1% tumble in March, on the heels of a 0.8% drop in February.

According to data by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI), the fall is primarily due to a significant pullback in private road transport cost.

Private road transport costs dropped at a faster pace of 5.9% in March, compared to the 3.9% pullback in February, due mainly to a hefty YoY decline in petrol pump prices. This reflect the higher base in March 2015 following the spike in petrol duties.

Car prices also posted a steep drop in tandem with lower Certificate of Entitlement (COE) premiums.

Accommodation costs dipped 3.2%, similar to February, reflecting the waning housing rental market.

Meanwhile, MAS core inflation, which excludes the accommodation and private road transport, inched up to 0.6% in March from 0.5% a month ago. This is largely on back of higher food inflation.

Also Read

Singapore ranks second in global economic freedom

Economists forecast modest NODX growth for Singapore in 2024

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit