Singapore consumer prices decline for 17th consecutive month

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Figures for inflation in Singapore were released last month, showing that they are still negative and don’t look to be increasing anytime soon.
The Monetary Authority of Singapore (MAS) was quick to point out that last month marked the 17th month in a row of declining prices.

Consumer prices fell by 1% in March from the same period in 2015, as a result of the continued drop in private road transportation costs. The headline figure was the same as the average prediction for a 1% reduction, collected from 20 economists from the private sector in Singapore.

March’s price drop follows a 0.8% reduction in February, according to figures by the MAS and the Singapore Ministry of Trade and Industry that were officially released last week.

Private road transportation costs fell by 5.9% in March from the same period in 2015, as a result of lower oil and gas prices and a lower Certificate of Entitlement premium for vehicle and car owners. In February 2016, private road transportation costs had fallen by almost 4%.

Core inflation experienced a slight increase of 0.6% in March from 0.5% in February, as a result of inflation for food and general grocery costs. The core inflation measure removes figures for accommodation and private road transportation costs to allow for an accurate review of daily expenses on the island.