SINGAPORE: Singapore’s core inflation fell to 1.8 per cent year-on-year in December from 1.9 per cent in November.
The drop was due to a moderation in services inflation, the Monetary Authority of Singapore (MAS) and the Ministry of Trade and Industry (MTI) said on Thursday (Jan 23).
The last time core inflation was lower was in November 2021, when it came in at 1.6 per cent.
On a month-on-month basis, core inflation – which excludes accommodation and private transport – increased 0.5 per cent.
Meanwhile, overall inflation was unchanged at 1.6 per cent on-year in December.
“This was because lower core and accommodation inflation was offset by a milder decline in private transport costs,” MAS and MTI said.
On a month-on-month basis, overall inflation – which excludes non-consumption expenditures such as purchases of houses, shares and other financial assets and income taxes – rose 0.3 per cent.
For the whole of 2024, core inflation averaged 2.7 per cent, down from 4.2 per cent in 2023.
Overall inflation came in at 2.4 per cent for 2024, down from 4.8 per cent the previous year.
