SINGAPORE, Feb. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Tuesday that the MAS Core Inflation edged up to -0.2 percent on a year-on-year basis in January 2021, from -0.3 percent last December.
The rise was due to a smaller decline in services costs.
Meanwhile, Singapore's CPI-All Items inflation came in at 0.2 percent on a year-on-year basis this January, compared to 0 percent last December. The increase was driven by a smaller decline in services costs, as well as larger increases in private transport and accommodation costs.
Singapore's MAS core inflation excludes the costs of accommodation and private road transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.
In January 2021, Singapore's services costs fell 0.3 percent, compared to the 0.8 percent decrease in the previous month. The private transport costs rose 1.9 percent in January, compared to the 1.2 percent increase last December. The accommodation inflation picked up to 0.5 percent in January from 0.3 percent in December 2020.
MTI and MAS said that both MAS Core Inflation and CPI-All Items inflation averaged -0.2 percent in 2020. In 2021, MAS core inflation is expected to average 0-1 percent, while CPI-All Items inflation is projected to be between -0.5 percent and 0.5 percent.