Off the wire
• China sincere about improving ties with Vatican: FM  • Thailand awaits British verification over Rolls-Royce bribery scandals  • Laos impounds over 5,000 illegally imported vehicles during 2015-2016  • Gov't panel report shows split of opinions over emperor's possible abdication in Japan  • Iranian soccer league standings  • Iranian soccer league results  • U.S. stocks open nearly flat after Trump speech  • Russia bombs IS targets in Syria amid Astana talks  • 1st Ld-Writethru: China, the Philippines confirm cooperation programs worth 3.7 billion USD  • UAE injects 400 mln dollars into Sudan central bank  
You are here: 　 Home

Singapore's CPI rise for 1st time in 2 years

Xinhua, January 23, 2017 Adjust font size:

Singapore's Consumer Price Index (CPI) rose by 0.2 percent in December year-on-year; and for the whole of 2016, CPI came in at -0.5 percent for the second consecutive year, said Ministry of Trade and Industry and Monetary Authority of Singapore (MAS) on Monday.

According the joint press release, CPI-All Items inflation rose to 0.2 percent in December from 0.0 percent in November, due to a stronger pickup in the cost of private road transport. The rise is the first time in two years.

Private road transport cost increased by 1.7 percent in December, following the 0.2 percent rise in November, as a result of higher petrol prices and car park fees.

Services inflation edged up to 1.6 percent from 1.5 percent in the preceding month, mainly on account of a faster pace of increase in holiday expenses, which more than offset the larger contraction in telecommunication services fees.

Food inflation was 2.0 percent in December, unchanged from the previous month. Price increases for both non-cooked food items and prepared meals were broadly stable.

While accommodation cost fell by 3.8 percent in December, similar to the previous month, which reflects continued softness in the housing rental market.

Overall retail goods inflation eased to 0.0 percent in December from 0.2 percent in November, largely on account of a fall in the prices of personal care products following the rise in November.

MAS Core Inflation, which excludes accommodation and private road transport costs, was 1.2 percent in December, slightly lower than the 1.3 percent in November, because of the decline in retail goods inflation more than offset the increase in services inflation. For the whole year of 2016, MAS Core Inflation rose to 0.9 percent from 0.5 percent the year before.

The authorities said the increase in core inflation will be gradual in 2017, given the absence of more generalized demand-induced price pressures. CPI-All Items inflation is projected to pick up to 0.5 percent to 1.5 percent, largely reflecting the rise in private road transport cost. For the whole of 2017, MAS Core Inflation is expected to average 1 percent to 2 percent. Endit