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Financial News: Singapore Consumer Prices Rise In January

Singapore Consumer Prices Rise In January

02/23/2021 - 03:42:00 (RTTNews)

(RTTNews) - Singapore's consumer prices rose in January, data from the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Tuesday.

The consumer price index rose 0.2 year-on-year in January, after remaining unchanged in December. This was in line with economists' expectations.

This latest consumer prices outcome was largely due to a rise in core inflation and prices for private transportation cost, and accommodation inflation.

MAS core CPI, which excludes costs of accommodation and private road transport, fell 0.2 percent annually in January, following a 0.3 percent decrease in the preceding month.

The fall, which was due to a smaller decline in service costs, matched economists' expectations.

The statistical office expects external inflation to rise in the coming quarters, amid a recovery in global oil prices.

Domestic cost pressures are expected to stay low, as wage growth and commercial rent are likely to remain subdued.

Both MAS Core Inflation and CPI-All Items inflation averaged -0.2 percent in 2020, the statistical office and MAS said.

For 2021, MAS Core Inflation is expected to average 0-1 percent, while the CPI-All Items inflation is projected to be between -0.5 and 0.5 percent.

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