Singapore's Consumer Price Index (CPI) grew 0.3 percent year on year in November, following the 0.7 percent increase in October, said the Ministry of Trade and Industry (MTI) and the Monetary Authority of Singapore (MAS) in a joint release on Monday.
The MAS Core Inflation, which excludes the costs of accommodation and private road transport, declined from 1.9 percent on a year-on-year basis in October to 1.7 percent in November.
The authorities said the CPI decline was largely due to a sharper fall in private road transport costs, and to a lesser extent, smaller increases in the prices of services, retail items and electricity and gas, which more than offset a slower pace of decline in accommodation costs.
As for the MAS Core Inflation, they attributed the decline to a smaller increases in the costs of services, retail items and electricity and gas.
The MTI and MAS reiterated their forecasts, saying the city-state will see the MAS Core Inflation rise modestly in the months ahead, and come in within the forecast range of 1.5-2 percent in 2018 and 1.5-2.5 percent in 2019.
The CPI is projected to grow by about 0.5 percent in 2018, before rising to 1-2 percent in 2019, they added.
The MAS Core Inflation, which excludes the costs of accommodation and private road transport, declined from 1.9 percent on a year-on-year basis in October to 1.7 percent in November.
The authorities said the CPI decline was largely due to a sharper fall in private road transport costs, and to a lesser extent, smaller increases in the prices of services, retail items and electricity and gas, which more than offset a slower pace of decline in accommodation costs.
As for the MAS Core Inflation, they attributed the decline to a smaller increases in the costs of services, retail items and electricity and gas.
The MTI and MAS reiterated their forecasts, saying the city-state will see the MAS Core Inflation rise modestly in the months ahead, and come in within the forecast range of 1.5-2 percent in 2018 and 1.5-2.5 percent in 2019.
The CPI is projected to grow by about 0.5 percent in 2018, before rising to 1-2 percent in 2019, they added.
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