Chart of the Day: Household electricity tariff to fall 4.7% in Q2

The staggered launch of the OEM is also bringing down electricity and gas prices.

This chart from UOB showed that by the household electrical tariff charged by SP Group is expected to fall by an average of 4.7% or $1.10 per kWh over April-June 2019.

The phased launch of the Open Electricity Market has resulted in the cost of electricity and gas prices to fall 2.8% YoY in April, to mark its sixth consecutive month of slowdown and limiting the overall pace of inflation, Barnabas Gan, economist at UOB said in a report.

Also read: Open electricity market to be extended island-wide from 1 November

Singapore’s headline inflation rose 0.8% YoY. Higher car prices, oil prices and costlier domestic services fees were the key drivers that drove headline inflation higher, UOB said.

In addition, there was a dip in accommodation and food inflation, thanks to the gradual decline in housing rentals and a smaller increase in the prices of prepared meals and non-cooked food items.