SINGAPORE - With consumption stymied by Covid-19 circuit breaker measures, overall inflation in Singapore turned negative in April for the first time since October 2016 on a sharp drop in car prices, while core inflation slid deeper into the same territory, official data released on Tuesday showed.
Private transport costs fell more steeply to minus 5.5 per cent in April, from minus 0.3 per cent in March, reflecting a sharp drop in car prices and a larger decline in petrol prices. The suspension of Electronic Road Pricing charges in April also lowered private transport costs. The cost of electricity and gas fell 5.2 per cent year on year in April, a slower pace of decline than the 6.2 per cent drop in March. The pace of decline in the cost of electricity and gas had eased as the Open Electricity Market had a smaller dampening effect on electricity prices due to a slowdown in new take-up rates.
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