SINGAPORE, Sept. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Thursday that the MAS core inflation rose to 1.1 percent on a year-on-year basis this August, from 1 percent in the previous month.
The increase was largely driven by higher food inflation and the smaller decline in the cost of retail and other goods, said the authorities.
Meanwhile, Singapore's consumer price index for all items (CPI-All Items) inflation fell to 2.4 percent on a year-on-year basis in August, from 2.5 percent in July. This reflected lower private transport inflation, which more than offset the rise in core inflation.
Singapore's MAS core inflation excludes the costs of accommodation and private transport, and CPI-All Items inflation represents the rise in the consumer price index for all items.
In August, Singapore's food inflation on a year-on-year basis rose to 1.5 percent as the prices of non-cooked food and prepared meals recorded larger increases. Meanwhile, the cost of retail and other goods fell by one percent year on year, and the private transport costs rose by 10.8 percent year on year.
MTI and MAS reiterated that the MAS core inflation is expected to average 0-1 percent in 2021, and the CPI-All Items inflation is forecast to come in between 1-2 percent.