Thu, 02 Dec 2021

SINGAPORE, Oct. 25 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) said on Monday that the MAS core inflation rose to 1.2 percent on a year-on-year basis in September from 1.1 percent in the previous month.

The increase was largely driven by higher food inflation, said the authorities.

Meanwhile, Singapore's CPI-All Items rose by 2.5 percent on a year-on-year basis in September, from 2.4 percent in August. This reflected higher core and accommodation 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 September, Singapore's food inflation on a year-on-year basis rose to 1.6 percent as the prices of non-cooked food and prepared meals increased at a slightly faster pace. Meanwhile, the accommodation costs grew by 1.9 percent year-on-year, compared to 1.7 percent in the previous month, as housing rents rose at a faster rate.

MTI and MAS reiterated that the MAS core inflation will come in near the upper end of the 0-1 percent forecast range in 2021 and is projected to increase further to 1-2 percent in 2022. CPI-All Items inflation is forecast to come in around 2 percent this year and average 1.5-2.5 percent next year.

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