DBS and SMU Sim Kee Boon Institute for Financial Economics (SKBI) released its latest Singapore Index of Inflation Expectations (SInDEx) Survey which revealed that local residents' forecast for inflation for the next year fell slightly to 3.1%, down from 3.2% in the December survey. This forecast is also lower than the average forecast of 3.4% from 2012, to the first quarter in 2019. SKBI Director Professor Dave Fernandez explains that Singapore, like other small and trade-dependent economies, will likely be more susceptible to the negative economic effects from the COVID-19 pandemic. In addition, the combination of demand destruction and supply disruption as a result of COVID-19 further complicates the current situation.