Singapore saw deflation for the fourth consecutive month in February, with the consumer price index (CPI) dropping further by 0.3 percent year-on-year, according to its Department of Statistics.

During the month, food and service prices rose by 2.5 percent and 1.5 percent, respectively, as a result of the seasonal pickup in demand during the Lunar New Year festival.

Accommodation cost, by contrast, declined by 2.1 percent, reflecting the soft housing rental market.

The retreat was partly attributable to a fall in private road transport cost, which was 5.8 percent lower.

The core inflation, which excludes changes in the price of private road transport and accommodation, edged up 1.3 percent, compared to 1 percent in January.

In another move, the stock market ended little changed following news of founding Prime Minister Lee Kuan Yee’s death, with analysts saying the lack of reaction reflected the strength of the late leader’s legacy and the firmly-built financial market.-VNA