ASEAN KEY DESTINATIONS
Consumer prices continue fall in April, but pace of decline slow
SINGAPORE: Consumer prices in Singapore continued falling in April – the 18th straight month of decline – but the pace of decline slowed, according to data released on Monday (May 23).
The consumer price index (CPI) fell 0.5 per cent last month, following a 1 per cent decline in March and a 0.8 per cent fall in February.
April’s fall was largely due to the low base associated with the disbursement of Service & Conservancy Charges rebates in April last year, said the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI).
Core inflation, which excludes the cost of accommodation and private road transport, edged up to 0.8 per cent in April, compared to 0.6 per cent in March and 0.5 per cent in February.
The rise in core inflation was mainly due to higher services inflation as well as a smaller decline in electricity tariffs, MAS and MTI said.
The cost of private road transport fell at a faster pace at 7.1 per cent, compared to the 5.9 per cent decline in March. This was mainly due to a larger drop in car prices amid weaker Certificate of Entitlement (COE) premiums, as well as a bigger fall in petrol pump prices.
Accommodation cost decreased by 0.9 per cent, compared to the 3.2 per cent drop in the previous month. Services inflation rose to 0.7 per cent from 0.4 per cent a month earlier, on account of a stronger pickup in the cost of holiday travel and domestic services.
The cost of electricity, liquefied petroleum gas and gas fell by 13.9 per cent, compared to the 14.9 per cent decline in March. This was due to a smaller reduction in electricity tariffs, reflecting the low base in April last year, MAS and MTI said.
Food inflation edged up to 2.3 per cent from 2.2 per cent in the previous month, driven by a larger increase in the prices of non-cooked food items, including fish and seafood and fruits.
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