Inflation in Singapore slowed more than expected in April to its lowest level in more than three years, in part reflecting slower rise in private road transport charges as well as accommodation costs, official figures showed Thursday.
The inflation rate, measured by the consumer price index, eased to 1.5 percent in April from 3.5 percent in March. This was the lowest inflation rate since February 2010.
In a statement today, the Monetary Authority of Singapore said that this moderation largely reflected the continued effects of the motor vehicle-related policy measures introduced since late February, as well as the temporary impact from the disbursement of government rebates for Housing Development Board service and conservancy charges.
Private road transport costs edged up 0.5 percent year-on-year in April, a significantly smaller rise compared to the 8.6 percent increase in March. Accommodation cost inflation slowed to 2.4 percent in April from 5.8 percent a month earlier. Food inflation was stable at 1.8 percent.
MAS core inflation, which excludes the costs of accommodation and private road transport, slowed to 1.4 percent in April from 1.7 percent in March. This was led by a smaller increase in services costs and a larger decline in the prices of oil-related items, the central bank said.
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