Summary 

• MAS Core Inflation fell to ‐0.3% on a year‐on‐year (y‐o‐y) basis in April, from ‐0.2% in March. 
  • This was largely due to steeper declines in the costs of services and retail & other goods. 
• Similarly, CPI‐All Items inflation declined to ‐0.7% y‐o‐y in April, from 0% in the previous month.
  
  • This was mainly driven by a larger decline in the cost of private transport, in addition to the slide in core inflation.