Inflation books 17th straight month of contraction with 1% fall in March

On back of hefty decline in transport costs.

Singapore consumer price index (CPI) has booked its 17th straight month of contraction with 1% tumble in March, on the heels of a 0.8% drop in February.

According to data by the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI), the fall is primarily due to a significant pullback in private road transport cost.

Private road transport costs dropped at a faster pace of 5.9% in March, compared to the 3.9% pullback in February, due mainly to a hefty YoY decline in petrol pump prices. This reflect the higher base in March 2015 following the spike in petrol duties.

Car prices also posted a steep drop in tandem with lower Certificate of Entitlement (COE) premiums.

Accommodation costs dipped 3.2%, similar to February, reflecting the waning housing rental market.

Meanwhile, MAS core inflation, which excludes the accommodation and private road transport, inched up to 0.6% in March from 0.5% a month ago. This is largely on back of higher food inflation.

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