Singapore's MAS core inflation rises to 1.6 pct in November

2021-12-23 15:36

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SINGAPORE, Dec. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Thursday that the MAS core inflation rose to 1.6 percent year-on-year in November, from 1.5 percent in October.

This primarily reflected an increase in services inflation, said MTI and MAS.

Meanwhile, Singapore's CPI-All Items inflation grew to 3.8 percent on a year-on-year basis in November, from 3.2 percent in the previous month. The uptick was driven by stronger private transport inflation, in addition to higher core inflation.

Singapore's MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.

In November, Singapore's services inflation picked up to 1.9 percent from 1.6 percent in the previous month on account of a faster pace of increase in airfares and a smaller decline in telecommunication services costs.

Meanwhile, its private transport inflation rose to 17.9 percent from 14.3 percent on the back of a larger increase in car prices.

MTI and MAS said the MAS core inflation is projected to average 0.9 percent for 2021 as a whole, and increase further to 1-2 percent in 2022. CPI-All Items inflation is forecast to come in at 2.3 percent this year and average 1.5-2.5 percent next year.
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