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Singapore Consumer Prices Decline in Longest Slump on Record

  • Consumer prices decline for 17th consecutive month in March
  • Central bank eased monetary policy to help support growth
SINGAPORE - JULY 02: The Supertree Grove is illuminated during the Gardens by the Bay, Light and Sound show on July 2, 2012 in Singapore. The free nightly light and sound display which sees the massive man made Supertrees lit up with spotlights and neon lights officially opened tonight in the 54 hectare south section of the Gardens by the Bay. The Gardens by the Bay was opened on June 29 and features over 220,000 plants, the vertical gradens of the Supertrees, the Flower Dome, Cloud Forest and a Skywalk.
Photographer: Chris McGrath/Getty Images

Singapore’s consumer prices fell for a 17th consecutive month in March, the longest period of decline on record, reflecting the impact of lower oil costs and a weakening economy.

Consumer prices dropped 1 percent from a year earlier as transport and housing costs fell further, the statistics agency said in a statement on Monday. That compares with a previously reported 0.8 percent fall in February, and the median estimate for a 1 percent decline in a Bloomberg News survey of 20 economists. Core inflation, which excludes private transport and accommodation costs, was at 0.6 percent last month.