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Singapore's CPI falls again in April

Xinhua, May 23, 2016 Adjust font size:

Singapore's consumer price index in April fell again by 0.5 percent, the 18th straight month of decline, according to the latest data released by Singapore's Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) on Monday.

The consumer price index (CPI) came in at minus 0.5 percent in April on a year-on-year basis, compared with minus 1 percent in March, mainly on account of the low base associated with the disbursement of Service & Conservancy Charges (S&CC) rebates in April last year, said MTI and MAS in the joint media release.

MAS core inflation, which excludes the cost of accommodation and private road transport, went up to 0.8 percent, compared with 0.6 percent in March, due to higher services inflation as well as a smaller decline in electricity tariffs.

Private road transport cost fell by 7.1 percent, faster than the 5.9 percent decline a month earlier. This was mainly due to a larger decline in car prices amid weaker Certificate of Entitlement (COE) premiums, as well as a bigger drop in petrol pump prices.

Services inflation rose to 0.7 percent from 0.4 percent a month earlier, mainly on account of a stronger pickup in the cost of holiday travel and domestic services. In addition, the disinflationary effects from the waiver of national examination fees since April last year dissipated on a year-ago basis.

The cost of electricity, liquefied petroleum gas & gas fell by a more moderate 13.9 percent compared to the 14.9 percent decline in March. This was due to a smaller reduction in electricity tariffs, reflecting the low base in April last year.

Accommodation cost decreased by a more moderate 0.9 percent, compared to the 3.2 percent drop in the previous month.

Food inflation edged up to 2.3 percent, driven by a larger increase in the prices of non-cooked food items, including fish & seafood and fruits.

For the whole of 2016, MAS core inflation is likely to be in the lower half of the 0.51.5 percent forecast range, while CPI-All Items inflation is projected to remain negative throughout 2016, and average -1.00.0 percent for the whole year, said MTI and MAS. Endit