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SINGAPORE: Consumer confidence in Singapore has fallen for the first time since 2005, according to the latest Nielsen Global Consumer Confidence Index.
Singaporeans became less positive about spending because of soaring inflation and rising prices of basic necessities.
Singapore's index fell 12 points in the last six months and now stands at 102, by far the lowest level recorded since the survey began in 2005.
Nielsen said the fall was not unexpected, given the 25-year high annual inflation rate and dearer food, petrol and transportation.
The half-yearly index also showed that over eight in 10 Singaporeans do not think their country is in recession. But of these, close to half are bracing themselves for one.
12 markets in the Asia Pacific region also experienced flagging consumer confidence.
Globally, the Nielsen index fell to 88, down six points - the largest single drop recorded in the last three years.
Consumer confidence fell in 39 out of 48 countries, with New Zealand, Latvia and the US suffering the largest declines. - CNA/vm
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