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Singapore's inflation sees biggest drop in 5 years

Staff writer |
Singapore's consumer price index in August fell 0.8 percent, the biggest year-on-year drop since November 2009, according to the Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS).

The consumer price index (CPI) came in at minus 0.8 percent in August on a year-on-year basis, compared with minus 0.4 percent in July, mainly due to lower cost of private road transport, said MTI and MAS in the joint media release.

MAS core inflation, which excludes the cost of accommodation and private road transport, went up to 0.2 percent, compared with 0.4 percent in July, reflecting lower services and retail goods inflation.

Private road transport cost decreased by 2.9 percent following the 0.1 percent fall in July, as a result of the high base a year ago when Certificate of Entitlement (COE) premiums for cars saw a sharp increase, as well as the one-year road tax rebates for petrol vehicles, it said.

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