Singapore inflation hit 4-year low in February

It fell to 0.4% last month.

According to a release, CPI-All Items inflation fell to 0.4% in February from 1.4% in January. This decline had been anticipated in the January inflation report and largely reflected the higher base in February last year.

This is the lowest inflation rate in four years.

Private road transport cost saw a sharper fall of 7.1% in February, after decreasing by 3.5% in January. This was mainly attributed to base effects arising from the surge in COE premiums in January 2013, as well as the dip in petrol pump prices.

Food inflation was 2.3% in February, down from 3% a month earlier, due to the correction in non-cooked food prices after the CNY as well as the high base from last year.

Services fees rose at a slower pace of 2.1% in February compared to 2.9% in the preceding month, led by a more moderate increase in the cost of household services.

Accommodation cost increased by 2% lower than the 2.4% rise in January, as imputed rentals on owner-occupied accommodation edged up more gradually.