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Surveys show Singaporeans are expecting a further bout of low inflation in 2016. The expectations follow on the back of a long period of falling consumer prices, with last July marking 21 consecutive months of negative inflation.
What does this mean, and why is the low inflation rate in Singapore a problem?
Inflation is the rate at which the general level of prices for goods and services is rising and, consequently, the purchasing power of currency is falling. Central banks attempt to limit inflation, and avoid deflation, in order to keep the economy running smoothly.
Singapore's economy should see a modest rebound this year, although uncertainty regarding the outlook for global growth means the recovery could be choppy, the country's central bank said in a report published on Tuesday.
The Monetary Authority of Singapore (MAS) reiterated its outlook for the Singapore economy to grow 1-3 percent this year, supported by consumption and a pick-up in overseas demand for Singapore's exports.
In its semi-annual economic review, the central bank added that several risks remained for the economy, which contracted 1.4 percent in the first quarter from the final quarter of last year.
