Singapore entered fourth straight month of deflation in February

The Consumer Price Index registered at -0.3%.

Singapore's Consumer Price Index registered at -0.3% in February, signifying the fourth straight month of deflation for the city-state.

February CPI was slightly higher than the -0.4% recorded in January as a result of the seasonal pickup in demand during the Chinese New Year period.

Services inflation increased to 1.5%, from 1.2% a month ago, largely led by the higher cost of holiday travel during the festive season and the rise in tuition & other fees.

Accommodation cost declined by 2.1%, extending the 1.9% fall in the previous month, reflecting the soft housing rental market.

Private road transport cost was 5.8% lower, following the 5.0% drop in January, due to the sharper correction in COE premiums. Meanwhile, petrol pump prices declined compared to a year ago, in tandem with the fall in global oil prices. However, the pace of decline slowed following the increase in petrol duty rates.

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