Singapore's core inflation grows to 0.6 pc in November

Singapore's Consumer Price Index for all items (CPI-All Items) grew 0.6 per cent year-on-year in November, compared to a 0.4-per cent growth in October, according to a statement.

The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said in the joint statement on Monday, reports Xinhua.

The CPI-All Items inflation increased in the month because of an increase in private road transport inflation and smaller declines in the costs of retail goods and accommodation, even as services inflation eased, said the statement.

In November, the MAS core inflation, which excludes the costs of accommodation and private road transport, was unchanged at 0.6 per cent from October as lower services inflation was offset by a smaller decline in the cost of retail goods.

According to the statement, Singapore's services inflation edged down to 1.1 per cent in November, from 1.2 per cent in October.

Meanwhile, the cost of retail goods fell 0.5 per cent year-on-year in November, less than a 0.8-per cent drop in October; and the accommodation costs decreased 0.2 per cent year-on-year in November, less than a 0.4-per cent drop in the previous month.

Besides, the private road transport inflation grew from 1.0 per cent in October to 2.3 per cent in November.

The authorities reiterated in the statement that Singapore's CPI-All Items inflation is projected to be around 0.5 per cent this year and average 0.5-1.5 per cent in 2020.

They forecast that the MAS core inflation will come in at the lower end of the 1-2 per cent range in 2019, and average 0.5-1.5 per cent in 2020.