SINGAPORE, Nov. 23 (Xinhua) -- The Ministry of Trade and Industry (MTI) and Monetary Authority of Singapore (MAS) announced on Tuesday that the MAS core inflation rose to 1.5 percent on a year-on-year basis this October, from 1.2 percent in September.
The increase was due to higher services and food inflation, as well as a smaller decline in the cost of retail and other goods.
Meanwhile, Singapore's CPI-All Items inflation picked up to 3.2 percent on a year-on-year basis in October, from 2.5 percent in the previous month. This reflected stronger private transport and accommodation inflation, in addition to higher 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 October, Singapore's food inflation on a year-on-year basis rose to 1.7 percent as non-cooked food prices rose at a faster pace while the inflation of prepared meals remained broadly unchanged.
Meanwhile, the services inflation rose to 1.6 percent, mainly on account of higher inflation for airfares and holiday expenses. The cost of retail and other goods declined at a slower pace of 0.4 percent in October, the accommodation costs grew by 2.5 percent year on year, and the private transport inflation rose to 14.3 percent on the back of a stronger increase in car prices.
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.