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Singapore's CPI falls for 24th month in October

Xinhua, November 23, 2016 Adjust font size:

Singapore's Consumer Price Index (CPI) fell by 0.1 percent in October year-on-year, the 24th straight month of decline, according to the latest data jointly released by Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) on Wednesday.

CPI-All Items inflation dropped 0.1 percent year-on-year in October compared to the 0.2 percent decrease in September, as a smaller drag from the cost of oil-related items more than offset lower food and services inflation.

MTI and MAS said the cost of oil-related items fell at a slower rate of 3.7 percent in October, compared to the 8.4 percent drop in the previous month, owing to a smaller decline in electricity tariffs and petrol prices.

Food inflation moderated to 1.9 percent from 2.2 percent in the previous month, due to a slower pace of increase in the cost of non-cooked food items and restaurant meals.

Overall services inflation eased slightly to 1.4 percent in October from 1.5 percent a month earlier, as lower telecommunications services fees more than offset a stronger pickup in the cost of medical and dental services.

The authorities said private road transport cost was unchanged on a year-on-year basis, following the 0.4 percent fall in the preceding month. This largely reflected a smaller drop in petrol prices and a moderation in the decline of car prices.

Accommodation cost remained on a downtrend, falling by 3.8 percent in October, following the 3.7 percent decline in the previous month, amid continued softness in the housing rental market.

CPI less imputed rentals on owner-occupied accommodation (OOA) was 0.8 percent in October, higher than the 0.6 percent in the preceding month, which largely reflected a smaller decline in the cost of oil-related items, according to the joint release.

MAS Core Inflation, which excludes accommodation and private road transport costs, rose to 1.1 percent in October from 0.9 percent in September, largely on account of the smaller decline in the cost of electricity, liquefied petroleum gas (LPG) and gas, which more than offset lower food and services inflation.

The authorities maintained the expectation that MAS Core Inflation will be around 1 percent in 2016 before rising to 1-2 percent next year, as energy-related components begin to contribute positively to inflation and temporary disinflationary effects from budgetary measures fade. Endit