Oil Pulls Singapore GDP Deflator Down by Most Since 2010: Chart

Singapore’s gross domestic product deflator -- a measure of inflation across the economy, not just among consumers -- declined 1.6 percent in the first quarter, the biggest drop since 2010. But unlike deflation that takes hold when an economy is facing severe contraction and rising unemployment, falling prices in Singapore have been mainly driven by sliding oil costs and a weak property market. With Brent crude rising above $50 a barrel for the first time in more than six months and levies imposed on foreign workers possibly raising wages, the negative trend in inflation in Singapore may ease in coming months.

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