Singapore’s key inflation gauge fell to its lowest since March 2021 as the prices of utilities, as well as household goods and services slowed.

The core inflation rate, which excludes housing and private transportation costs, stood at 0.5% in March from a year earlier, lower than the 0.6% in February, according to a statement by the Department of Statistics on Wednesday.

That compares against the median estimate of 0.7% in a Bloomberg News survey, and extends a trend of deceleration that began in October.

Overall inflation came in at 0.9% last month, same as February’s pace and lower than the 1.1% median estimate.

Cost-of-living pressures have been a key focus of the government, with its budget for this year providing cash handouts and rebates for Singaporeans still feeling the price pain. The city-state is set to hold elections on May 3.

The Monetary Authority of Singapore further revised down its forecast for this year’s core inflation outlook during its April policy review to average 0.5%-1.5% this year from a previous estimate of 1%-2%. The headline inflation estimate was also cut to 0.5%-1.5% from 1.5%-2.5% earlier.

That’s allowed it space to ease monetary policy for a second straight meeting, in a bid to support the economy in the wake of a worsening global trade war. The next MAS meeting will be in July, with some analysts expecting yet another round of easing.