Singapore's consumer price index (CPI) slowed to 2.1 percent in the first quarter of 2009, down from 5.4 percent in the fourth quarter of 2008, official data showed on Thursday.
According to Singapore's Ministry of Trade and Industry, the slowdown in CPI inflation falls within expectations and has mainly been due to a downward correction of global commodity prices from the peaks in 2008.
"Domestic cost pressures have started to ease in line with the recession and lower commodity prices. These trends are expected to persist and CPI inflation is estimated to continue to fall in the coming months."
For the whole year of 2009, the ministry said the forecast for CPI inflation is maintained at minus 1.0 to 0 percent.
Source: Xinhua
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