Singapore's Consumer Prices in Longest Slump Since the 1970s
- Nation's 2016 inflation forecast cut to as low as -1%
- Falling transport costs countered rising food, clothing prices
A vendor arranges fruit at a stall inside the Chinatown Wet Market in Singapore, on Wednesday, Nov. 4, 2015. The Monetary Authority of Singapore eased monetary policy for the second time this year last month, as trade ministry data showed the economy narrowly avoided a technical recession, saying weakening prospects for global growth will pose “headwinds” in the coming months.
Photographer: Nicky Loh/BloombergSingapore’s consumer prices fell for a 15th straight month, the longest streak of declines since 1977, prompting authorities to cut this year’s inflation forecast amid a global oil-price slump.
Consumer prices declined 0.6 percent from a year earlier in January as transport, housing and communication costs slid, data released in Singapore Tuesday showed. That matched the median estimate in a Bloomberg News survey. Core inflation, which excludes private transport and accommodation costs, accelerated to 0.4 percent last month.