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SINGAPORE: Singapore's consumer price index (CPI) fell for the sixth consecutive month in September.
Data from the Statistics Department showed that consumer prices fell 0.4 per cent from a year ago, mainly due to lower costs of housing, recreation and transport. The decline was steeper than analysts' expectations of a 0.1 per cent drop.
Housing costs went down by 2.5 per cent due to lower electricity and gas tariffs, as well as cheaper liquefied petroleum gas.
Meanwhile, lower holiday travel costs caused a 1.8 per cent drop in recreation costs. Transport and communication costs also declined by 0.2 per cent, mainly due to cheaper petrol.
Compared to August, CPI was unchanged after adjusting for seasonal factors. Forecast economist, Vishnu Varathan, expects a bigger pullback in CPI next month.
He said: "Even though oil prices have gone higher, chances are that the stronger Singdollar and the base effect will see the headline showing a bit more 'deflation', but that's going to be a transient phenomenon.
"By November, we'll see the negative trend coming to an end and (in) December, you'll see CPI turning mildly positive before it begins to go higher."
For the nine months to September, consumer prices rose 0.4 per cent compared to a year earlier.
- CNA/so
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