Singapore’s inflation remains low in April

Illustrative photo (Photo: .businesstimes.com.sg)

Singapore (VNA) – Singapore’s inflation rate in April decreased 0.4 percent year-on-year, coming in below the 0.7 percent in the previous month, according to the latest report by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI). 

The slowdown was mainly driven by accommodation cost which dropped 6.7 percent, said the report.

April’s core inflation, excluding accommodation and private transportation cost, accelerated by 1.7 percent year-on-year, the highest in the last 30 months, due to a surge of 18 percent in electricity and gas cost.

Private road transportation costs climbed to 7 percent from March’s 6.9 percent as car and petrol prices rose. Increasing telecommunication charges led to an increase of 1.7 percent of the service sector’s inflation while food costs remained at 1.3 percent. 

Experts said the decreasing inflation will make MAS maintain its low exchange rate stance, at least until a meeting in October this year. - VNA

VNA