RTTNews - Consumer prices in Singapore declined 0.7% year-on-year in April, reversing a 1.6% rise in March, a report by the Department of Statistics said Monday. This is the first drop in consumer prices since June 2005. Economists expected the prices to increase 0.7%.

In April, transport and communication prices fell 6.3%, while housing prices dropped 1.7%. However, food prices rose 3.6%. Excluding accommodation costs, the consumer price index slipped 1.3% in April.

Month-on-month, consumer prices were down 1.1% in April, following a 0.4% fall in March. On a seasonally adjusted basis, consumer prices slipped 1.5% on a monthly basis in April.

For the first four months of the year, consumer prices were up 1.4% compared with the same period in the previous year.

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