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Singapore's MAS core inflation rises to 2.4 pct in January

SINGAPORE
2022-02-23 13:56

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SINGAPORE, Feb. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Wednesday that the MAS core inflation rose to 2.4 percent on a year-on-year basis in January 2022, from 2.1 percent in the previous month.

Meanwhile, the CPI-All Items inflation on a year-on-year basis remained at 4 percent.

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.

According to MTI and MAS, the core inflation rise this January was driven by higher inflation for food and for electricity and gas, as well as a slower pace of decline in the cost of retail and other goods.

The CPI-All Items inflation stayed unchanged due to a moderation in private transport inflation offsetting higher core and accommodation inflation.

MTI and MAS said the MAS core inflation is projected to pick up further in the near term and could reach 3 percent by the middle of this year before easing in the second half. For 2022 as a whole, they forecast that the MAS core inflation is to average 2-3 percent while CPI-All Items inflation will come in within 2.5-3.5 percent.
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