World Economy

Singapore Hit by Deflation

Singapore Hit by DeflationSingapore Hit by Deflation

Singapore was hit by deflation – or negative inflation – for the first time in five years last month on the back of plummeting global crude oil prices, AsiaNews reported. Consumer prices across the economy fell by 0.3% in November over the same month last year, caused by declining private road transport costs, including petrol prices, according to data released on Tuesday by the Statistics Department.