Financial News: Singapore Inflation Steady At 1.6%

Singapore Inflation Steady At 1.6%

01/23/2025 - 01:39:00 (RTTNews)

(RTTNews) - Singapore's consumer price inflation held steady at the end of the year, data published by the Monetary Authority of Singapore and the Ministry of Trade and Industry showed on Thursday.

The consumer price index rose 1.6 percent on a yearly basis in December, the same as in November. The expected inflation rate was 1.5 percent.

Meanwhile, core inflation softened to 1.8 percent in December from 1.9 percent in November due to a moderation in services inflation.

The stability in overall inflation was because lower core and accommodation inflation was offset by a milder decline in private transport costs.

Services inflation eased to 1.8 percent from 2.2 percent as holiday expenses fell and public transport costs rose at a slower pace. Similarly, accommodation inflation slowed to 2.2 percent from 2.4 percent.

Data showed that electricity and gas prices increased at a steady rate of 2.5 percent, and food inflation edged higher to 2.5 percent from 2.4 percent. On the other hand, transport charges fell at a slower rate of 0.1 percent.

The overall inflation averaged 2.4 percent in 2024 versus 4.8 percent in 2023. MAS core inflation was 2.7 percent in 2024, down from 4.2 percent in the previous year.

Looking ahead, CPI-All Items inflation is also likely to ease in 2025 as an anticipated pickup in private transport inflation from its low level in 2024 should be more than offset by lower accommodation and core inflation. MAS Core Inflation is projected to step down in 2025 compared to 2024.

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