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Singapore’s core inflation turns negative in February

Singapore’s core inflation fell sharply to -0.1 percent in February, from 0.3 percent in January, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on March 23.
Singapore’s core inflation turns negative in February ảnh 1A photo from March 20, 2020, shows an almost-deserted Changi Airport Terminal 4 due to a large number of cancelled flights. (Photo: straitstimes.com)

Singapore (VNA) – Singapore’s core inflation fell sharply to -0.1 percent in February, from 0.3percent in January, the Monetary Authority of Singapore (MAS) and the Ministryof Trade and Industry (MTI) said on March 23.

The two authorities attributed the fall largelyto a 0.4 percent decline in the cost of services, which was driven by a fall inairfares and holiday expenses.

The country'sconsumer price index for all items (CPI-All Items) in February grew only 0.3percent year on year, compared to 0.8 percent in the previous month. Theauthorities said that this was mainly due to the fall in core inflation as wellas lower private transport inflation.

TheCOVID-19 outbreak has had heavy impacts on Singapore's aviation and tourismindustries, which could in turn lower the prices of travel-related items in theCPI basket. In addition, the implementation of disease prevention measures and thefall in tourist arrivals have dampened consumer demand.

Meanwhile,the city-state's labour market conditions will continue to soften and dampenwage growth this year.

MTI and MAS said theywould closely monitor price trends and assess the impact of the COVID-19outbreak on inflation./.
VNA
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