23 Feb '16, 6am

Singapore's Consumer Prices in Longest Slump Since the 1970s

Singapore’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. The numbers signal a period of economic weakness ahead, as Singapore prepares to unveil updated estimates for fourth-quarter gross domestic product data Wednesday. The trade-dependent economy, which is also a financial services center, probably grew less than previously estimated last quarter, according to Bloomberg surveys. “Whenever inflation hits th...

Full article: http://www.bloomberg.com/news/articles/2016-02-23/singapo...

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