On Monday, data from the Department of Statistics revealed a fall in Singapore consumer prices for the fourth straight month in July, due to lower housing and transport costs.
Fall in the consumer price index was 0.5% year-on-year in July, emphasizing the same pace of decline as in the previous month.
The lower costs of transport and communication, housing and recreation and others were responsible for the plunge in consumer prices.
While housing costs declined 1.3%, mainly because of lower electricity tariffs, a fall in transportation and communication charges was seen by 3% due to cheaper petrol. Fall was also visible in costs of recreation and other groups by 0.9%.
On the other hand, an increase was seen in food prices by 1.3% annually in July, while hike in clothing and footwear prices was 2.7%.
After a fall by 0.5% in June, an increase was noticed by 1.1% in July on monthly basis. The main reason behind the increase was monthly rise in housing, transport and communication costs.
The economy is predicted to contract between 4% and 6% this year, by the government.