According to the latest quarterly survey for the Singapore Index of Inflation Expectations (SInDEx) conducted by SMU, Singapore households' expectations of inflation have dropped to their lowest levels in three years due to plunging oil prices and uncertainty about global economic growth. SMU also pointed out that despite the presence of significant domestic pass-through costs in a tight labour market and expected stimulus spending in the euro zone and Japan, the weakness in global demand seemed to have brought both the overall inflation expectations and the Singapore core inflation expectations to their lowest levels, since the SInDEx survey started in September 2011.