The Ministry of Trade and Industry and the Monetary Authority of Singapore attributed the decline to lower services and food inflation despite the goods and services tax (GST) rate rising from 8 percent to 9 percent.
On a month-on-month basis, the core CPI rose by 0.6 percent in January due partly to the increase in the GST rate, said the government agencies.
The core CPI excludes private transport and accommodation costs to better reflect household expenses.
The all-items inflation in Singapore eased to 2.9 percent year-on-year in January from 3.7 percent in December.
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